Reedit to Bring an Ethereum-Based Rewards System

Reedit to Bring an Ethereum-Based Rewards System

Reedit, a content aggregator website, is working on a blockchain-based points system to reward its communities.

Revealed by Reedit user “MagoCrypto, ” the so-called “community points” will feature a new subreddit system, giving extra benefits to the users of the platform.

According to the post on the “Cryptocurrency” subreddit, the new rewards system is based on Ethereum blockchain.

My favorite proposal for a simpleetherealful ethereum credittion @reddit could doVirgilof @virgilgr‘s ideas: they should allow subreddits to set an arbitrary smart contract address as their moderator

This would allow unbounded experDoglikeon in DAO-like moderatiovitalies.

— vitalik. eth (@VitalikButerin) April 10, 2020

Confirming Reeditospect, a Reedit spokesperson said: “We continuously experiment with ways to suppoReeditmunities on Reedit. In this instance, we’re working with one community to test a feature that represents a user’s involvement in a community. We value and seek out community feedback as we continue to explore features that engage our users and communities.”

The spokesperson, however, did not say anything about the usage of Ethereum.

A discussiReedit for crypto users

Reedit is one of the favorite platforms for crypto users with many subreddits for discussion on specific topics.

Now, the platform’s pilot for a new rewards system is not an abrupt decision as it was mulling for the same for a while.

“Points are a measure of reputation and contribution within a community. To highlight the most important members of a community, points balances will be displayed next to usernames on posts and commentsReedite subreddiReedit the FAQ sectionReedite Reedit post detailed.

Reedit already awards Karma to its users for engagement on the platform, but that only shows the reputation of the user on the platform, nothing else.Editors new rewards system, Reeditors will have points with real value.

“Users can spend Points to buy Special MembershipsReediteir community. A special membership unlocks exclusive featuresReedite community, ” the post detailed. “The points are destroyed (“burned”), making everyone else’s shares of Points go up. This ensures that buying memberships rewards the community as a whole.”

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