Reddit has launched a waiting list for the upcoming site-wide expansion of its Ethereum-based 'Community Points' token rewards program, as well as a dedicated website.
The social media platform, which runs on upvotes that get users' karma scores, first dabbled in crypto token rewards. in December 2019, when it launched Ethereum-based token rewards called "Donuts" on the r / Ethtrader subreddit.
In May 2020, the platform expanded rewards program to the r / Cryptocurrency subreddit with "Moons" and r / FortniteBR with "Bricks" on an Ethereum testnet.
Now, the program will be rolled out as a subscription feature for subreddits across the platform. Similar to karma, Redditors will be able to earn community points by making contributions to a subreddit, such as creating and uploading valuable content, or by volunteering to moderate the community.
While the points remain in their beta phase, Reddit has "strongly recommended caution." Selling, exchanging or exchanging the points is against the rules of the site.
Reddit stated: "This type of behavior is very risky while points are on a testnet; points may be lost or may not migrate to the Ethereum mainnet."
The Community Points program is currently running on Rinkeby's testnet version of the Ethereum blockchain, with plans to migrate to the Ethereum mainnet using Eth Arbiter Layer 2 Embedding Solution.
Despite Reddit's warnings, The owners of the test token rewards have been able to come up with a complicated plan to exchange the tokens for fiat money.
Once the reward system is moved to the mainnet, the tokens can likely be traded, held, or traded on crypto trading platforms like any other ERC-20 token.
Both users and mods can register in the waiting list and request that the Community Points feature be added to your subreddit once the beta program goes live.
Each subreddit that participates in the program will be able to create "Special Memberships", which users can purchase with their points. These memberships unlock features like badges, GIFs, and animated emojis.
The program will also introduce a "weighted polls" feature, which will give a wider voice to users who have more community points and are therefore active contributors to the subreddit.
The new website explains: “Community points are a measure of reputation in your community. On the subreddit, they are displayed alongside usernames, so the biggest contributors stand out from the crowd. "
The tokens will be stored on chain in their personal "Vault", where they can view, submit and use their community points within the Reddit app. Because the dots are on the blockchain, users can take their "reputation" and embed it anywhere on the internet.
Related: Reddit reportedly tokenize karma points and add 500 million new users
Reddit held a "Scaling Bake-Off" Contest to choose an Ethereum scaling solution for the program in August 2020. Arbitrum was selected as the best option in July 2021.
Reddit has yet to provide a timeline for the project. The social media platform is also working on building a NFT Market.
