According to a user post on the social media platform and confirmed by a company spokesperson, Reddit is experimenting with 'Community Points'. It was just a rumour but it is now official, the famous Reddit community platform will use the blockchain, notably that of Ethereum, to offer its users its new points system.
The video posted by MagoCrypto goes through all the new information that has been added by Reddit about this new points system. As the same user also submitted the initial information, Reddit is experimenting with Community Points using Ethereum's ERC-20 token standard.
This shared information was confirmed by a Reddit spokesperson.
According to this video, the site will publish a list of users and their karma every four weeks; it will allow community users to propose changes and then log off the list, allowing users to claim community points.
In a statement, a Reddit spokesperson said, 'We are continually experimenting with ways to support communities on Reddit. In this case, we are working with a community to test a feature that represents a user's involvement in a community. We value and seek community feedback as we continue to explore features that engage our users and communities.
However, the spokesperson declined to confirm whether the project was being tested on Ethereum or to provide additional details.
How to use these tokens
For several years now, Reddit has been integrating a point system called 'Karma', a score that reflects a user's contribution to Reddit as a whole.
Reddit controls all karma, while community points are ERC-20 tokens and therefore exist outside of Reddit's control. The points can also be used to purchase 'special subscriptions' giving the right to use emoticons and GIFs in comments or weight polls, depending on the video shared by MagoCrypto.
Tokens will be used in different ways depending on the characteristics of a sub-reddit's community.
These tokens will be used to represent the ownership of a sub-reddit and to measure the reputation and contribution of a sub-reddit's community.
The points will also highlight the most important members of a community. Point balances will also appear next to usernames, as a form of reputation visible to all.
Since they are based on the Ethereum blockchain, Community Points will be entirely controlled by the people who own them, without Reddit being able to intervene.
Reddit users who don't have enough points can also buy special subscriptions directly from Reddit.
'Community Points are entirely controlled by the people who own them,' according to the video. 'They live on the Ethereum blocking chain, which is the same technology as Bitcoin to guarantee ownership and control. Even Reddit can't take them off.'
What about distribution?
Community points are distributed each month based on contributions made to the sub-meals. Points can be claimed from the Ethereum chain using a signature.
Half of the points generated by a sub-meal will be reserved for specific contributors from each community. 10% will be distributed to the moderators, while 20% will be reserved respectively for Reddit and the 'wider Reddit community'.
The number of points distributed in each cycle will decrease over time and converge towards a maximum ceiling. The initial distribution will be 50 million tokens. Over time, the amount distributed in each cycle will continue to decrease, so that the total number of points distributed will approach 250 million units.
Written By Laetitia, Project Manager