Reddit launches waiting list to expand Community Points across its website

Reddit has started a waiting list for the upcoming site-wide expansion of its Ethereum-based token reward program “Community Points” (“Points” for short) as well as its own website.

In December 2019, the social media platform first introduced an Ethereum-based token reward called “Donuts” in the r / Ethtrader.

By May 2020 the platform has extended the reward program to subreddit r / Cryptocurrency with “Moons” and r / FortniteBR with “Bricks” in the Ethereum test network.

The program is now being rolled out as an opt-in function for subreddits across the entire platform. Red can earn points by contributing to the subreddit, e.g. B. by creating and uploading valuable content or volunteering to moderate the community.

While it was still in beta,  “issued a cautionary story”. Selling, exchanging or trading points is against the terms of the website.

“This type of behavior is very risky as long as there are points in the test network – points can be lost or not transferred to the Ethereum mainnet.”

The Community Points program is currently running on the Rinkeby testnet version of the Ethereum blockchain, with plans to migrate to the Ethereum mainnet with the Arbitrum layer 2 scaling solution.

Despite the warnings from Reddit, the holders of the Test Token Rewards were able to devise a plan to trade for cash.

Once the reward system switches to the mainnet, the tokens can potentially be exchanged, held or traded on exchanges like any other ERC-20 token.

Both users and mods can sign up for the waiting list and claim more points for their subreddit once the beta goes live.

Any subreddit participating in the program can create a “special membership” that users can purchase with their points. This membership unlocks features like badges, GIFs, and animated emojis.

“Points are a measure of your community’s reputation. In the subreddit they are displayed next to the username so that the biggest contributors stand out from the crowd. “

Tokens are stored in their personal “vault” in the chain, where they can view, send and use their points in the Reddit app. Since Points are on the blockchain, users can take their “call” and embed it anywhere on the Internet.

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