Cryptocurrency rewards are a great way to boost community participants, and Reddit is looking to enable such an incentive under its new initiative known as “Community Points.” The social news aggregation platform recently disclosed that the supposed Reddit reward tokens are now being tested for release.
Reddit reward tokens in test mode
Per the report, the platform is planning to launch two digital currencies, which would be based on the Ethereum Network. The two Reddit reward tokens called $BRICKS, and $MOONS are currently undergoing beta testing, and will only be launched to the users on two different subreddit.
The users of /r/FortniteBR, and the crypto channel /r/Cryptocurrency are they only ones entitled to the new Reddit reward tokens, at least for the moment. A spokesperson for the platform mentioned that they are exclusively testing the new feature with the communities to gather and improve from users’ feedback.
The Community Points, which is birthing the Reddit reward tokens, is part of the platform’s continuous effort to update more features that would ensure communities as well as users engagement, the spokesperson said. Also, Reddit has provided a page to guide the users on how they can open “Vault,” which is the platform where the tokens will be managed.
Vault wallet for Reddit tokens
In addition to viewing the Reddit reward tokens from different subreddits via Vault, users can also choose to claim and spend the points from the Vault. In a clearer term, the Vault serves as the Ethereum wallet for the new digital currency, which is all ERC-20 tokens.
The tokens would be used for voting, transfer of funds, and also as tips for the content creators, by the currently-supported Reddit members. The Cryptocurrency subreddit channel has up to one million community members, while the FortniteBR subreddit channel has about 1.3 million users.
Meanwhile, the social news aggregation platform mentioned that the digital currencies would remain under the testing phase until the 2020 summer. Once it leaves this phase, the tokens will reportedly be moved to Ethereum mainnet.