Reddit Tests New Feature on Ethereum Blockchain

In the middle of April, there were rumors that Reddit was experimenting with the new Ethereum blockchain loyalty system. At that time, the company was not ready to comment on the working process on the project. However, yesterday Reddit released a presentation that gave more details on a new project called Community Points.

The presentation shows that Reddit will use the Ethereum network to create special rewards for creating high-quality content. The so-called "Community Points" can be collected and used for premium features on the platform.

As part of the beta testing phase, Reddit plans to issue two new ERC20 tokens with the names $MOONS and $BRICKS, which will be received by members of the subreddits / r / Cryptocurrency and / r / FortniteBR. Tokens cannot be charged off without the user's private key. During the testing period, which will last until the summer, the Reddit platform pays commission for transactions in the blockchain, since many users do not own cryptocurrencies.

Image courtesy of Daily Hodl