Reddit Experiments With Community Points Based On Ethereum

Reddit experiments with a new project named Community points that will be based on the Ethereum blockchain. These community points represent ownership of a subreddit so let’s find out more in the following Ethereum news.

Reddit is among the most popular social media and now it is experimenting with the Community Points based on the Ethereum blockchain in a form of ERC-20 tokens. With the current plans, the users will be able to earn more Community Points by simply posting and commenting on subreddits and with the full control of the users’ wallets, the points will be visible to everyone on the platform but accessible only by their owners. The Reddit community points will become a tool to measure the users’ reputation and their level of contribution. The community points will allow the users to purchase memberships and to see votes on polls. The users will also be able to purchase profile icons and images as well as gifs and animated emojis. When a certain user purchases these features, the tokens will be burned. Points can also be purchased from Reddit itself with cash.

As Reddit experiments, the subreddits that have community points will get an enhanced view of the poll results so that the members will be able to see further outcomes.
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A Reddit spokesperson commented:

 “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.”

The current contribution rating system of Reddit Karma is earned through upvotes and comments, Karma reflects the users’ contributions across the platform. The Community Points will be decentralized blockchain tokens that represent ownership in the community. The use will be determined by the community. If the experiments proceed to launch, 50 million community points will be issued at the start, based on the Karma model while an additional 50 million points will be issued over the first year. The distributions will decline over time as the number of points approaches 250 million.

The community moderators will get a 10 percent share of the points while Reddit will get 20%. Another 20% will be reserved for the broader Reddit community.