The new Vault section of the Reddit app. (Reddit)
Popular social media platform Reddit is jumping into cryptocurrency and has chosen Ethereum (ETH) to build on.
According to the new webpage, Reddit is moving to tokenize its subreddit communities with what the site calls Community Points. These earnable ERC-20 tokens give users a stake in the communities they help build and can be traded or spent on premium features.
original via Reddit
“Community Points are a way for Redditors to own a piece of their favorite communities,” states the Reddit team. “As a unit of ownership, Points capture some of the value of their community. They can be spent on premium features and are used as a measure of reputation in the community.”
Reddit is beta testing the new token economics with two popular, and fitting, subreddits: r/CryptoCurrency and r/FortNiteBR. Contributors on these subreddits can their tokens on the new Vault section of the Reddit app.
Vault explanation (Reddit)
“Community Points are currently in beta (through summer 2020). During that time, they will be on the Rinkeby testnet, and balances, transactions, and memberships may be reset,” Reddit added. “After the feature leaves beta, Community Points will be migrated to the Ethereum mainnet. Points balances will be carried over (though will need to be reclaimed).”
According to the posts in each subreddit explaining the new system, tokens will be distributed monthly based on comments, posts and other contributions to the subreddit. Karma will serve as the basis for gauging contributions.
Users with at least 100 karma can claim their free “Moons” for r/CryptoCurrency or “Bricks” for r/FortNiteBR in the new Vault section of the Reddit app.
More: Introducing r/CryptoCurrency Moons
Introducing r/FortNiteBR Bricks
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.