Reddit Community Points to reward user activity as ERC-20 tokens

Reddit Community Points to reward user activity as ERC tokens

Reddit Community Points are here to reward users for their time spent on the crypto-savvy social media platform. Commenting on Reddit will no more be considered simple knowledge sharing. The platform will reward its users for starting new threads, posting comments, and indulging in engaging discussions. The social media portal has launched Ethereum-powered Reddit Community Points.

In a first of its kind initiative, Redditers can now convert their Reddit time into actual tokens called Reddit Community Points. The tokens will be just like any other standard ERC-20 token hosted on the Ethereum Blockchain is used for these points, which ensures their interoperability with other blockchains tools.

Reddit Community Points will be a game changer for the community

These Reddit Community Points are more than just tokens. They represent a user’s activity and daily contribution in terms of active posts, threads, and participation in the discussions. Tokens are shown right next to a user’s posts along with the username. In a way, they also display the reputation of a particular user. Redditer’s activity will be logged and measured every month to be used for token distribution. The higher the contribution to various threads, the more coupons will be rewarded to the specific user.

Every month, the platform will display the total points earned by the users. Interestingly, this list can be reviewed by the community, and changes suggested if any. Once clarifications are complete, the platform will publish a final list. The list will remain valid for the next six months. If a user doesn’t claim them during this time period, points will expire.

Reddit user activity turned into tokens

Valid Ethereum blockchain-based wallets are mandatory to lay claim to the Reddit Community Points. The platform will provide the relevant private keys and address for Points management. Reportedly, these tokens are going to be DeFi compatible. As a result, the 300 million-strong Reddit community can give improve DeFi adoption. Moderators will receive 10 percent in return for performing administrative responsibilities.

Initially, 50 million Reddit Community Points will be allotted to the users as per subreddit earnings. Over time, the token allocation will decrease. Tokens will be burned once a user has completed a purchase, which in turn will shore up the value of other member’s tokens. This will warrant that the entire community is rewarded with a user’s activity.

[wp-faq-schema title="FAQs" accordion=1]
Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related News

Hot Stories

Can the Web3 market hit $80 billion by 2030?
Solana price analysis: SOL declines in value to $33.7 after strong bearish trend
Contentos Vietnamese blockchain community launches NFT collection with the support of Contentos Foundation
NEO Price Prediction 2022-2031: Is it Good to Invest in NEO now?
HBAR Price Prediction 2022-2031: Hedera Hashgraph Soon to Retest its ATH?

Follow Us

Industry News

Can the Web3 market hit $80 billion by 2030?
NiceHash Launches First Solo Mining Hashpower Exchange Service to Help Struggling Crypto Miners
US Job openings fall by 6.2% - What does this mean for the crypto market?
Here are all the Three Arrows Capital NFT collection details on the verge of liquidation
Did authorities freeze Do Kwon's assets?