One of the most interactive social networks out there, Reddit, is apparently testing an Ethereum-powered points system for one of its online communities. In the cryptonews now, we can see that Reddit confirms using Ethereum blockchain for this system.
The pilot program will apparently establish a new wallet as part of the Reddit app and store users “community points” as ERC-20 tokens, according to one informational video posted by a community manager working for Unstoppable Domains, a startup that is creating blockchain based domains.
One spokesperson from Reddit confirms using Ethereum blockchain and as he told Decrypt:
“We continuously experiment with ways to support communities on Reddit. In this instance, we’re working with one community to test a feature that represents a user’s involvement in a community. We value and seek out community feedback as we continue to explore features that engage our users and communities.”
Basically, the system works like the following…
Users will earn community points when their posts or comments are upvoted. These points will be publicly displayed – and users can then spend their points to purchase special memberships which unlock exclusive features on the site such as badges, animated emojis and GIFs, according to the informational video. Reddit confirms using Ethereum blockchain to facilitate all of this – and the spent points will be burned to increase the value of other community members holdings.
The ETH news also show that the points will be decentralized and stored on the Ethereum blockchain. Because of this, Reddit moderators will not have any ability to interact with or change a user’s balance.
Moreover, a recent follow-up from “MagoCrypto” who is an user that is apparently involved and following the latest ongoings with Reddit and the ETH blockchain, the project will use ETH-based ERC-20 tokens called “Community Points” which allow power users to access certain aspects of the community.
“Community points are fully controlled by the people who own them. They live on the Ethereum blockchain, which is the same technology as Bitcoin to guarantee property rights and control. Even Reddit cannot take them away.”
In the end, this is not an unexpected move for Reddit – the co-founder Alexis Ohanian is a noted Bitcoin bull, while the forum has long been a home for many crypto enthusiasts and members of the cryptocurrency community.
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