- Reddit’s new point system recently released featuring Ethereum-based crypto rewards aims to bring many advantages to its users.
- Reddit seeks to introduce a new program called “Community Points,” to aim for the expansion of its user market.
- Token having been based on the Ethereum platform, creates a guarantee of property rights and control to holders.
A new point system recently released by Reddit featuring Ethereum-based crypto rewards aims to bring many advantages to its users. Ethereum in itself has great potential, owns many benefits, and serves as a remarkable crypto platform. Hence, there exists little to no doubt why Reddit has drawn its attention to this popular crypto platform for bringing new rewards to its user population.
Reddit Shifts to Potential Use of Ethereum
The online platform has shifted its focus to Ethereum’s great potency. It seems like Reddit is seeking Ethereum’s benefits through its decision to employ the ETH blockchain for its rewards platform.
Reddit has been an associate of Bitcoin but Bitcoin seems to disappear from recent posts of Reddit. Hence probably signifying that people seek to accomplish outside of the Bitcoin world. Or there exists a probability that Reddit has its focus on more extra news-based mediums.
Reddit’s Community Points Program to expand its user market
According to a recent post, Reddit seeks to introduce a new program called “Community Points,” to aim for the expansion of its user market. This program assures that the top-ranked users of a few specific subreddits will be rewarded with digital benefits. The post further adds that benefits will be stored through ERC-20 token standards. This owns many benefits, especially the benefit of its functioning with various crypto tools already.
A Reddit spokesperson elucidated that the company continually experiments to support communities on Reddit in various ways. He further added that their company values and looks for community feedback to engage their users and communities. The end aim lies in rewarding users for remaining active community members.
Ethereum has been at the focal point of many crypto developments. Ethereum platform has made its appearance in a few popular decentralized applications, as an instance. EOS and TRON are also instances of typical applications that use the Ethereum platform.
Ethereum has experienced problems affecting its overall scalability in the past few years. However, Ethereum has faced fewer effects than the Bitcoin blockchain. People expect and seek more innovation from ETH due to its high gas fee and slow transaction time. Regardless, Buterin states that Ethereum 2.0 will be implemented shortly.
Token Holders guaranteed property rights and control
Reddit’s users are assured that owners will be in power to control the community points.
Token having been based on the Ethereum platform, creates a guarantee of property rights and control to holders. Even Reddit does not own the power to take it away. Hence, this comes off as a wonderful way to imbibe the feeling of safety in the community. Also, to recognize the efforts of community contributors.
Ethereum is a great way of offering both individuals, and companies requiring secure ways to offer rewards. Other platforms can employ these systems as well. To trade unique items or to track shipments, for instance. This move of Reddit has set an example for others to start realizing the great potency Ethereum owns.