large contributions should be rewarded with Ethereum tokens (ETH)
One of the largest online networks, Reddit, has announced a new community point system based on the Ethereum blockchain.
Reddit reward system
In a slide show released on May 13, Reddit announced its intention to use the Ethereum network to encourage the creation of “high quality posts and comments.” Points can be spent on premium features and used as a measure of community reputation, said the social media platform.
Users are rewarded based on their contribution to their favorite channels, with the community ultimately deciding how many points each user will receive. Users can collect their points or spend them on comments for unique features like badges, custom emojis and GIFs.
“Reddit’s karma provides a basis for measuring people’s contribution, but the final decision is up to the community.”
Each user’s community points will be visible next to their username in the comment area to provide more transparency on their activity and reputation on the platform.
There are only 250 million tokens available, which must be distributed in pieces every month. A user receives a certain number of these points according to their monthly activity or their contribution score, measured in Reddit Karma.
Users have to open a Reddit safe, essentially a blockchain wallet, to get community points. You can also use any other Ethereum wallet.
According to Reddit, community points are operated via “a series of smart contracts that manage balances, distribution / use and acquisition of memberships”. They use and use existing parts of the Ethereum ecosystem, for example the ERC-20 token standards, which in turn have been verified by Trail of Bits, an independent blockchain security company.
Transactions via Ethereum cost “gas”. Reddit said that since most users don’t have ETH, the social platform is willing to “temporarily” pay the costs for those who use the built-in vault, but those who use other Ethereum wallets may have to pay the gas costs themselves.