The social media platform, Reddit, has begun testing two types of Community Points running on the Ethereum blockchain announced last month. Upon the completion of the trial period, which should end by the summer of 2020, the distribution will start with 50 million tokens to users, moderators, and Reddit itself.
Reddit’s Community Point Initiative Begins
As CryptoPotato reported last month, the social media platform planned to incentivize users to be more engaged by allowing them to earn Community Points. Now, Reddit has published a slide presentation on its website, which indicates the start of the trial period.
It informs that two types of tokens will exist initially, both to run on the Ethereum blockchain. The first one dubbed $MOONS will be issued to members of the subreddit /r/Cryptocurrency, while the second $BRICKS will go to members of /r/FortniteBR. The former has about 1 million reported members, while the latter has 1.3 million.
Since the tokens will be ERC-20, Reddit plans to cover the “gas” cost for now:
“Transactions on the Ethereum network cost “gas”, which are micro amounts of Ethereum’s native cryptocurrency (Ether). Since most Redditors do not have Ether already, Reddit will cover their cost of gas for now, through meta-transactions and the Gas Station Network.”
Reddit also said that the smart contracts and mobile apps “have been reviewed and audited by Trail of Bits – an independent security firm with blockchain expertise.” The test version will continue “through the summer of 2020,” and users will be able to provide feedback to improve the overall experience, as the website informs:
“To help identify potential bugs, Reddit is inviting security researchers to assist in finding vulnerabilities in Community Points.”
As with the previous report, the distribution of the Community Points will occur monthly based on contributions people make to the community. Reddit karma provides a simplified measurement on them matter, but the community makes the final decision as they will be able to review the list and propose any changes.
At the start, the platform will distribute 50 million Points based on karma earned in the subreddit to date. The allocated amount will be decreasing in time, and eventually, it will reach a maximum cap of 250m, the site explains.
Moderators on the platform will get 10% of the tokens, Reddit will receive 20%, and another 20% “will be reserved for the broader Reddit community.” The remaining 50% will go to users who have contributed to the platform. They have six months to claim their tokens before they expire.
“For a user to claim their points, their Vault (or an external Ethereum wallet) sends their contribution score on their behalf to a smart contract on the blockchain, which verifies and issues the Points.” – the page reads.
The tokens could be used for special memberships, voting, to tip content creators, and to transfer funds.
According to the website, the blockchain-based tokens will operate independently from Reddit, as only the users can control them. Hence, they will work “just like Bitcoin!” Neither Reddit nor moderators can take Points away.
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Source: Crypto Potato