Ethereum

Reddit May Use Ethereum for a New Token-Based Points System

Reddit is experimenting with recording factors and perks on a blockchain.

According to a consumer put up on the social media platform and confirmed by an organization spokesperson, Reddit is experimenting with “Community Points” – a brand new system for subreddits (communities) that provides energy customers further advantages. These Community Points are apparently saved utilizing Ethereum’s ERC-20 token normal.

According to the video by Reddit consumer MagoCrypto, the location will publish a listing of customers and their karma each 4 weeks; permit the group’s customers to suggest any modifications; after which log out on the listing, permitting customers to assert Community Points. 

In an announcement, a Reddit spokesperson mentioned, “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 spokesperson declined to verify whether or not the undertaking was being examined on Ethereum or present additional particulars. 

Reddit controls all karma, whereas the group factors are ERC-20 tokens and subsequently exist outdoors of Reddit’s management. Points may also be used to purchase “Special Memberships” granting the appropriate to make use of emojis and GIFs in feedback or weight polls, based on the video shared by MagoCrypto. 

Reddit customers who don’t have sufficient factors may also purchase Special Memberships immediately from Reddit.

“Community points are fully controlled by the people who own them,” based on the video. “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.”

Polls performed in a group with factors will present each what the overall votes are for vote-per-person, in addition to the weighted complete for vote-per-point, that means customers with extra factors may have an outsize influence on the ballot.

“This allows the community to see how core contributors feel,” the put up mentioned.

Reddit customers can entry their Community Points by way of the Reddit cellular app, although feedback from customers point out that it might solely be rolled out to a small quantity to date. The app has a pockets perform that lets customers see their complete steadiness. 

“Behind the scenes, your wallet is a way to access the Ethereum blockchain,” the put up mentioned. “When your wallet is created it generates a public address and a private key.” 

The non-public secret’s identified solely to the app’s consumer, and Reddit advises customers to create a backup or write the keys down someplace protected. 

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The chief in blockchain information, CoinDesk is a media outlet that strives for the best journalistic requirements and abides by a strict set of editorial insurance policies. CoinDesk is an unbiased working subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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