Reddit Introduces ETH-Based Community Points Beta Program With Custom Tokens for Subreddits
The popular forum and news aggregation web portal Reddit has revealed the firm’s Community Points beta program where Reddit users can “own a piece” of their community with “custom tokens” for subreddits. Blockchain-Backed Reddit Community Points: ‘The First Step Towards a Different Future for Online Communities’
At the end of July, Reddit announced that the platform’s Community Points system would leverage the Layer 2 (L2) protocol Arbitrum. This week, Reddit revealed a new website that features the Community Points beta program, which says that Reddit patrons will be able to leverage native crypto assets tethered to unique subreddits. At the time of writing, there is a waitlist and users can sign-up via a form Reddit created.
“Community Points are the first step towards a different future for online communities,” Reddit’s description of the new beta program notes. “These tokens live on the blockchain, which means they are truly owned by the community. Over time, your community will benefit from even greater control and independence… on and off of Reddit.”
Reddit says that users can “Earn something valuable for all the hours you put into your community, [and] unlock special features.” Redditors can “buy community features with Community Points, like special memberships and awards, [and] encourage better content and conversation,” the company details. Furthermore, Redditors can use polls and systems to figure out the Community Points distribution process. Reddit’s website adds: Each subreddit creates its own Community Points token, with a custom name and symbol. Cryptocurrency Subreddit Likes the Community Points Concept, Most Popular Bitcoin Subreddit May Not Be Too Fond of Ethereum-Based Subreddit Tokens
In addition, Reddit says that people can “own” their reputation as the points system will be a “measure of reputation” in a certain community. “In the subreddit, they are displayed next to usernames, so the biggest contributors stand out from the crowd,” Reddit explains. Community Points have been discussed in specific forums like the subreddit r/cryptocurrency and a great number of the subreddit’s subscribers liked the idea.
It will be interesting to see whether or not r/bitcoin implements a Community Points token as discussions of alternative crypto assets are banned from that subreddit. Moreover, many r/bitcoin subscribers are not too fond of the blockchain Ethereum so using it for a Community Points system could be considered hypocritical. It’s safe to say that many other crypto and non-crypto-related forums on Reddit will likely have no issues using the Ethereum-based Community Points program. Tags in this story Arbitrum, Bitcoin, community points, Community Points system, Crypto, ETH-Based, ether, Ethereum, L2, layer 2, r/bitcoin, r/Cryptocurrency, Reddit, Reddit Company, Reddit Tokens, Subreddit Tokens
What do you think about Reddit introducing the new Community Points program where subreddits will be able to create their own custom tokens? Let us know what you think about this subject in the comments section below. Ross Ulbricht NFT Collection Raises Over $6 Million in Ethereum, Free Ross DAO Wins Auction NEWS | 2 hours ago Microstrategy Buys More Bitcoin, Now Holds 122,478 BTC — CEO Says Bitcoin Is Taking Gold"s Place NEWS | 4 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCentral Banks of France, Switzerland and BIS Complete Cross-Border CBDC Trial Next articleCFTC Commissioner Opposes Regulation by Enforcement, Says Crypto Needs Clearer Rules Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItMajor Estonian Bank LHV Starts Offering Cryptocurrency Trading via Bitstamp
One of the largest banks in Estonia, LHV, is now offering cryptocurrency trading directly from its app through crypto exchange Bitstamp. The bank says it is the "first bank in the Baltics to start offering crypto trading." Large Estonian Bank ... read more.Sneaker Giant Adidas Says the Metaverse Is "Exciting," Reveals Partnership With Coinbase Kevin O"Leary on SEC v Ripple Lawsuit Over XRP: "I Have Zero Interest in Investing in Litigation Against SEC" Retail Giant Newegg Confirms Shiba Inu "Coming Soon" as AMC Theatres Gets Ready to Accept SHIB Payments Grayscale Report Sees Metaverse as Potential $1 Trillion Business Opportunity