Reddit launches a new points system based on the Ethereum ERC-20 token

Reddit launches a new points system based on the Ethereum ERC-20 token - reddit 1200x628 1 1024x536Reddit is experimenting with a new system to distribute points and benefits on a blockchain among users. According to a user post on the social media platform in question, confirmed by a company spokesperson, Reddit is experimenting with "community points", a new system for subreddits (community) that offers expert users additional advantages.

These community points are apparently stored using Ethereum's ERC-20 standard token. According to the video from Reddit MagoCrypto user, the site will publish a list of users and their karma every four weeks.

Reddit will allow community users to propose any changes, and then sign in the list, allowing users to request community points. In a statement, a Reddit spokesman said: “We are continually experimenting with ways to support communities on Reddit. In this case, we are working with a community to test a feature that represents a user's involvement in the community itself.

We appreciate and seek community feedback as we continue to explore the features that involve our users and our communities. " The spokesman declined to confirm whether the project was being tested on Ethereum or to provide further details.

Surveys and benefits

These community points differ from karma - Reddit's historic internal point system - in various ways, according to the video. Reddit completely controls karma, while community points are ERC-20 tokens and therefore exist outside of Reddit's control. .

The points can also be used to purchase "Special Subscriptions" guaranteeing the right to use emojis and GIFs in comments or surveys, according to the video shared by MagoCrypto.

Reddit users who don't have enough points can also purchase special season tickets directly from Reddit. ”Community points are fully controlled by Investors who own them, ”according to the video. “They live on the Ethereum blockchain, which is the same technology as Bitcoin to guarantee ownership and control rights. Even Reddit can't take them back. "


Reddit users can access their community points through the Reddit mobile app, although user comments indicate that so far it can only be implemented on a limited number. The app has a wallet feature which allows users to see their total balance.

"In addition, your wallet is a way to access the Ethereum blockchain," said the post. "When your wallet is created, a public address and a private key is generated." The private key is known only to the app user, and Reddit recommends users to create a backup or write the keys in one place sure.

Although Reddit has not formally acknowledged that it has been testing this system on Ethereum, co-founder Alexis Ohanian has been a public supporter of cryptography since at least 2018 and the company has been offering support for cryptography as a payment tool for years.

Ohanian's venture capital firm, Initialized Capital, has also funded other cryptography projects, including Horizon Games' SkyWeaver, an Ethereum-based video game.