Reddit Unveils about the New Ethereum- Based Reward System

Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.

KEY HIGHLIGHTS

  • Reddit has been trying out a new reward system powered by blockchain technology.
  • Reddit elucidated that people can now earn the Community Points monthly on the basis of their contributions.
  • Community Points are a representation of the user’s interaction with the community, says a Reddit spokesperson.

Social media platform Reddit has been trying out a new reward system. This system is reported to be powered by blockchain technology. And it is called the Community Points and thus, will allow the power users to gain rewards.

Reddit accommodates numerous communities, endless conversation, and human connections. There exists a community in Reddit for everyone. Therefore, news readers, TV fans, animal lovers, sports fans can all find their right community on Reddit.

Users can earn rewards through comments and posts

This news came on the light after Reddit made its announcement in a Redditor’s post. The post detailed out about the system with a video. The video elucidated that people can now earn the Community Points every month on the basis of their contributions. Contributions such as comments, and posts.

The points could be utilized for the buying of special memberships or could be used for voting on weighted polls. In addition, the users owning Community Points will be provisioned with the balances right with their usernames. And therefore, the visibility is to everybody.

Who are Power Users?

Power users on Reddit are those users who have popularity on the platform. And also those who make a lot of contributions. Contributions take the form of comments or the users’ content.

Ethereum blockchain will power the Community Points, as an ERC-20 token. Furthermore, Reddit also has a points system called Karma and Reddit controls the Karma. On the other hand, Ethereum blockchain has Community Points that are uncontrollable by this platform.

Reddit Spokesperson Confirms the news

In addition to this news source from a post, a Reddit spokesperson has also made a confirmation on the same. The spokesperson recently stated that Community Points are a representation of the user’s interaction with the community. A study found a relation between crypto discussions and price. Crypto discussions are the ones that exist on Reddit.

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