Reddit Launches Two Ethereum Based Community Tokens

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Reddit, the platform with 330 million monthly users, enters the crypto world with the creation of two ERC-20s. The two new tokens based on the Ethereum blockchain will reward users.

Community tokens

With the implementation of these community tokens, the Reddit platform wants to be able to reward users of a subreddit ( see this as a sub-forum).

Two tokens will initially be created, the MOONS for the subreddit / r / Cryptocurrency (dedicated to cryptocurrencies) and the BRICKS token for the subreddit / r / FortniteBR (dedicated to the Fortnite game).

These points will then be distributed to members when they are active on the platform, as explained on the presentation page:

“People generate points by contributing to the community, for example by submitting quality messages and comments. Based on these contributions, the community decides how many points each person receives. ”

Once obtained, the points give access to additional functionalities such as avatars, personalized emoji or GIFs. They will also serve as reputation indicators for other members.

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An Ethereum wallet for everyone

Reddit users will have access to a new section of the site, called Vault, which will allow them to manage and exchange their community tokens. Behind the scenes, this Vault is nothing but an Ethereum wallet generated by Reddit for each user.

The good news is that each user will remain in control of their funds, because only they will know the private key, as described on the overview page:

“You alone control your private key. Reddit only knows your public address, which allows us to check your balance and assign you new points. We cannot withdraw your points or do anything with them without your express permission. ”

At the time of writing, the project is still in the beta test phase and no specific date has been communicated regarding the transition to the Ethereum mainnet.

“The community points are currently in beta phase (until the summer of 2020). During this period, they will be on the Rinkeby test network, and balances, transactions and memberships may be reset. »  Details  in the Vault creation page.

The creation of these tokens is excellent news for Ethereum, as it will boost its adoption among the 330 million users of the platform.

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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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