Reddit Social Media Platform Taps Ethereum (ETH) for User Incentivization | BTCMANAGER
Reddit, a leading social media platform has launched its points-based user incentivization system, which aims to reward those who post valuable information on the platform with points stored on the Ethereum blockchain via Reddit Vault. The firm says the earned points can be used to purchase special badges, emojis, GIFs, and more, according to an announcement on May 14, 2020.
Reddit Launches Community Points
In a bid to encourage user participation on its platform, Reddit has rolled out Community Points, an incentivization and engagement program the firm says allows Redditors to earn a piece of their favorite subreddits.
The team says:
“Community Points are a way for Redditors to earn a piece of their favourite communities. Points can be spent on premium features and are a measure of reputation in the community. People earn Points by contributing to the community, for example by submitting quality posts and comments. Based on these contributions, the community ultimately decides how many points each user earns.”
The team says the earned Community Points will give users access to exciting community features including badges, custom emojis, and GIFs in comments or holders can simply decide to hoard their points in their blockchain-based wallets.
Just like bitcoin (BTC) and other virtual currencies, the team says holders of the Reddit Community Points have total control over the digital assets, as neither Reddit nor community moderators can take the Points away from their original owners.
What’s more, Community Points can be gifted, tipped, or transferred between users, and Redditors can use them to get Special Membership in their favorite subreddit.
The Reddit Vault
To start earning Community Points, Redditors are required to create an account on Vault, Reddit’s in-built blockchain wallet, by scanning a QR code. From the Vault, users will be able to view their Community Points earned from multiple subreddits, claim, or spend Points.
While creating their Vaults, a public Ethereum address and a private key are generated. Users are expected to safely backup their private keys to ensure they do not lose their points even when they lose their mobile devices.
The team says Community Points are powered by smart contracts and are stored as ERC-20 tokens on the Ethereum blockchain.
Users do not have to worry about paying transaction fees themselves for now, as Reddit has hinted that it plans to handle it for users who access Community Points from the Vault. The program is currently in its beta phase and the team will migrate it to the Ethereum mainnet later this year.
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