Reddit Introduces ETH-Based Community Points Beta Program With Custom Tokens for Subreddits – Bitcoin News

The popular forum and news aggregation web portal Reddit has revealed the firm’s Community Points beta program where Reddit users can “own a piece” of their community with “custom tokens” for subreddits.

Blockchain-Backed Reddit Community Points: ‘The First Step Towards a Different Future for Online Communities’

At the end of July, Reddit announced that the platform’s Community Points system would leverage the Layer 2 (L2) protocol Arbitrum. Reddit has unveiled a brand new website featuring the Community Points beta program. It states that Reddit patrons can leverage native crypto assets tied to specific subreddits. Reddit made a sign-up form for users that can be used to join the waiting list.

“Community Points are the first step towards a different future for online communities,” Reddit’s description of the new beta program notes. “These tokens live on the blockchain, which means they are truly owned by the community. Over time, your community will benefit from even greater control and independence… on and off of Reddit.”

Reddit says that users can “Earn something valuable for all the hours you put into your community, [and] unlock special features.” Redditors can “buy community features with Community Points, like special memberships and awards, [and] encourage better content and conversation,” the company details. Redditors have the option to use systems and polls in order to determine how Community Points are distributed. Reddit’s website adds:

Each subreddit makes its own Community Points token and has its symbol.

A Cryptocurrency Subreddit that Likes the Community Points Model, The Most Popular Bitcoin Subreddit Might Not be Too fond of Ethereum Based Subreddit Tokens

In addition, Reddit says that people can “own” their reputation as the points system will be a “measure of reputation” in a certain community. “In the subreddit, they are displayed next to usernames, so the biggest contributors stand out from the crowd,” Reddit explains. Community Points have been discussed in specific forums like the subreddit r/cryptocurrency and a great number of the subreddit’s subscribers liked the idea.

We will see what r/bitcoin does to implement a Community Points token. Discussions of other crypto assets are forbidden from this subreddit. Many r/bitcoin subscribers don’t like the blockchain Ethereum, so it could be hypocritical to use it as a Community Points system. It’s safe to say that many other crypto and non-crypto-related forums on Reddit will likely have no issues using the Ethereum-based Community Points program.

This story contains tags
Bitcoin community points system, Arbitrum, ETH-Based. Crypto, ETH, ether. L2, layer 2. Reddit Company. Reddit Tokens. Subreddit Tokens.

Reddit is introducing Community Points, where subreddits can create custom tokens. What are your thoughts? We’d love to hear your opinions on the subject below in comments.

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