Reddit Runs Experiment on Ethereum for Token-Based Systems

Reddit Runs Experiment on ETH for Token-Based Systems

Reddit, an American social news aggregation, web content rating and discussion website, is running an experiment with community points that gives power users extra benefits and these community points are hoarded using Ethereum’s ERC-20 token standard.

The website will soon release a list of users along with their karma every four weeks. They are also experimenting about the ways of support communities on Reddit. They are also trying to exploring features that engage users and communities. They will allow users to claim community points, sign off on the list and any changes. However, it is yet to know whether the test ran on Ethereum.

Polls and Perks

Karma, which is one of the gamification techniques used to engage users on reddit, is different from these community points. Actually, community points are ERC-20 tokens existing outside of Reddit’s control whereas Reddit controls all Karma. Reddit users both having large and small amount of points can buy special membership from Reddit and obtain ability to use

People who own community points have full control on these and they live on the Ethereum Blockchain indeed. Reddit can’t make any interference on their belongings. A poll has been run in a community with points to demonstrate both what the total votes are for vote-per-person and the weighted total for vote-per-point.

Mobile App with Wallet

Users of Reddit maintain Reddit mobile app to see their balance and to access their community points and the app has a wallet function. Access to the Ethereum Blockchain is possible through the wallet. The Wallet generates a public address and a private key at its creation. The advice from Reddit is to maintain a backup for the private key. Back in 2018 the company has offered support for crypto as a payment tool for years while they were running experiment on Ethereum.

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