Reddit Rolls Out Two Ethereum-Based Tokens For Over 20 Million Reddit Users

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The popular online forum Reddit cryptocurrency initiative introduced two new tokens, one named MOONS, and other BRICKS.
  • Past month, a report exposed screenshots which depicted that Reddit was experimenting in Ethereum.
  • Additionally, a new webpage called “Vault” created which guides users to manage the tokens.

The popular online forum Reddit ‘s exclusive cryptocurrency initiative introduced two new tokens, one named MOONS, and other BRICKS based on Ethereum. These tokens issued to the members of the subreddits /r/Cryptocurrency and /r/FortniteBR, respectively.

Reddit was testing Ethereum-based ERC-20 tokens

Currently, the tokens are on an Ethereum testnet and will move to mainnet later this year.

Past month, a report exposed screenshots which depicted that the former was experimenting in Ethereum.  However, a user “MagoCrypto” shared information points out the leading social media forum with a huge number of active users had attached an Ethereum address to the accounts of some specific set of users.

Reddit was trailing Ethereum-based ERC-20 tokens that are known as “Community Points”, according to Mago. This permits the power users to operate certain features of a community.

A representative of Reddit notified that the company continuously dabbles to explore features that engage the users and communities. Currently, they are working with two communities by using Community Points to test this feature and get feedback from its users.

“Vault”, a new webpage on Reddit

Additionally, a new webpage called “Vault” is created on Reddit that guides users to manage the tokens. Through Vault, the users can monitor their tokens from various subreddits. Also, they can claim and spend their points as per the prompt available on Reddit’s smartphone app.

The social media giant carries an active user base of 430 million accounts as of Dec 2019. Moreover, the two subreddits are testing a crypto-based token of around 2.3 million users.

Besides this, users can use the Reddit cryptocurrency to vote, transfer funds, and tip content creators. The social media platform also praised people to dig in on the effort made by the social platform. This includes the sourcing of bugs as well.

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