- Reddit announces Ethereum-based blockchain community.
- Redditors can now earn rewards in the form of ERC-20 tokens by engaging on this platform.
Reddit has announced a new blockchain community calling it “a free frontier” and has used the Ethereum blockchain to roll out a new points community points system. The new system is part of Reddit’s efforts to build a stronger blockchain community within it.
In a slideshow detailing the new platform, Reddit announced on 13 May 2020 that the platform was ready to be deployed. This was a confirmation of earlier claims that Reddit was looking into blockchain-based rewards and might incorporate them in the future.
With this new community, users can either store these ERC-20 tokens or use them to buy premium features on the Reddit platform. They include expert badges, custom emojis and GIFs. The tokens earned by each user according to their activity will be shared on the public profile and thus, will eventually be a measure of the expertise and prestige of the user in addition to serving as quirky utility tokens.
To keep the blockchain-based consensus system alive, the community will be in control of the blockchain-based rewards entirely. While Reddit Karma will have some authority, the overall decision will be up to the Reddit community itself. Nobody, not even the community will be able to take away a user’s rewards too.
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