2 November 2024
Reddit Users Will Now Get Ethereum Based Crypto
The popular online forum, Reddit is testing tokens that are ethereum-based and it will be given to users as rewards for contributing content.
Many crypto exchanges that share cryptocurrency trading prices live are available with their forums here.
The two ethereum-based tokens are named as “MOONS” and “BRICKS” are issued for members of subreddits Cryptocurrency and FortniteBR as a part of Reddit's new initiative called "Community Points."
One of the Reddit spokespeople said, “We continuously run experiments to explore features that engage our users and communities. With Community Points, we’re working exclusively with two communities to test this feature and gather feedback from our users.”
Reddit has also started a webpage that gives guidance to users regarding opening “Vault” a new platform to manage these tokens.
Vault will enable users to view their tokens from multiple subreddits and claim and spend their points. The new tokens are both ERC-20 tokens issued on the Ethereum blockchain when users create Vault, they automatically create Ethereum wallets where tokens can be stored.
Reddit has stated that tokens are under beta and will be tested throughout the 2020 summer. Reddit said that "the smart contracts and mobile apps have been reviewed and audited by Trail of Bits, an independent security firm with blockchain expertise."
In the meantime, the users of Reddit can use tokens to vote, tip content creators, and transfer funds. The platform will also showcase the users' token balances as a way to measure their credibility.
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