Reddit, which is an American social news aggregation, web content rating and discussion website, made a plan to utilize the Ethereum network to encourage the production of quality posts and comments. That users can become a favorite part of communities which is built on top of the Ethereum blockchain, Reddit has expanded it’s ‘’community points’’ trial.
This is an incentive to users like based on the contribution of users to their favorite channels, they will be rewarded. Users will receive points depending on their contribution. To make users more involved, Reddit is running experiments to explore features. The flexibility that users have here is they can store their points and also spend them on unique features.
As per assumption the name of two communities are r/Cryptocurrency and r/FortNiteBR which came into sight through an image on the announcement. Transferring of community points not only to another Reddit member’s vault but also to any Ethereum wallet address is possible.
On the community points users have full control so no one can take it away. Others members can’t see how much one user has contributed to a community. But users should be careful of backing up their private keys to make sure their access to community points even after losing their phone.
A suite of smart contracts managing balances distribution /claiming and purchasing membership run community points. They utilize and leverage existing parts of the Ethereum ecosystem. The transactions on Ethereum cost ‘’gas.’’ Since most users don’t own any ETH, Reddit is ready to cover the cost of gas for now for those who use their in-built vault. But this won’t be for those who run Ethereum wallet. Posts on r/Cryptocurrency and r/FortNiteBR subreddits by a Redit administrator introduces two new tokens namely moons and bricks. They will soon take up a better scaliong and gas solution in future. Let’s see how far their running trial goes.