New Reddit features are here! Allow 500 million users to apply to tokenize community points

Reddit, known as the largest distribution center for netizens in the United States, is an entertainment, social and news platform for users to discuss and post comments on website forums. Forum topics cover various topics subreddit (also known as sub-sections). According to the settlement data for June 2021, Reddit ranks the 14th most visited website in the world, with a total monthly visits of more than 2.3 billion.

According to reports, engineer Rahul said on Twitter in November that he plans to convert the community points tokens owned by 500 million netizens into ERC-20 tokens, and directly publicly stated that it is one of the projects currently underway by the Reddit encryption team.

After only a month or so, Reddit's token reward program came out with good news. According to a report by "Cointelegraph", Reddit has launched a waiting list for the community points token reward program and website function expansion tests.

Sub-sections are allowed to apply for the creation of their own tokens. Like the existing KarmaPoints, users can obtain tokens by publishing or uploading valuable content, or voluntarily assisting in giving back to the community.

Reddit said that the current points tokens are still in the testing stage, but users are strongly advised to proceed with caution and not to sell, exchange or trade points, because this is a violation of the website's regulations. And add: The points are still on the testnet. Such behavior is very dangerous. The points may be lost or cannot be migrated to the Ethereum mainnet.

In fact, as early as December 2019, the platform first set foot in cryptocurrency rewards. At that time, only the Ethereum token named Donuts was launched as a reward in the sub-sector r/Ethtrader; and in May 2020, Reddit and Offchain Labs The Arbitrum network cooperated to move the two sub-versions of Ier/cryptocurrency and r/FortNiteBR on Reddit, totaling approximately 80,000 users’ community points tokens, to Arbitrum’s Rinkeby testnet, and have their respective tokens Moons and Bricks. .

Migrate to the Ethereum mainnet

The community points token program is currently running on the Ethereum test chain Rinkeby, and Reddit plans to migrate to the Ethereum mainnet through the Ethereum Layer 2 expansion solution Arbitrum.

It is understood that some holders of test tokens, ignoring Reddit’s warnings, have formulated a complicated plan to convert them into legal tender. Once the reward system is transferred to the mainnet, the tokens may soon be able to do so. Like other ERC-20 tokens, exchange, hold and trade in other trading platforms.

Special membership and weighted voting functions can be purchased

The official website pointed out that Reddit users can register for the waiting list, and when the beta version is opened, the community function will be added to their sub-sections.

In addition, each sub-section participating in the program can open special memberships, users can purchase through community points tokens, and this qualification will unlock the hidden badges, GIFs, animations and emojis of the page; in addition to this In addition, a weighted voting function will be added, so that users with more community points (more contributions in this version) in this community can get a wider voice.

"Community points will be a measure of the reputation of the community. In the future, this feature will be displayed next to the user name in subreddit, allowing the most contributors in the community to stand out from the crowd."

These tokens will be recorded in the personal on-chain vault for users to view, send and redeem their community points in the app at any time. Since the data is on the blockchain, users can show their reputation records through the network at any time.