on the crypto
Reddit is experimenting with a program designed to allow users to reward each other for their contributions, using the Ethereum blockchain.
What does the program consist of?
The program, called "Community Points", was explained in detail in a presentation published last week in which Reddit revealed its plans to use the Ethereum network to encourage the creation of "quality posts and comments".
Points can be spent on premium features and used as a measure of one's reputation in the community, 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 receives.
Users can accumulate points or spend them on features like badges, personalized emojis and GIFs in comments. In addition, users will be able to leave a suggestion for the comments they like or the posts they find useful. Each user will be able to transfer community points directly to another Reddit member's Vault and to any Ethereum wallet address.
How does it work?
To start contributing, users must register for the "Vault", Reddit's local blockchain wallet, which is accessed by scanning a QR code from the official Reddit app. According to the presentation, the points are controlled solely by the user, which means that neither the moderators nor Reddit himself can remove points or decide how they should be spent.
At present, it can be difficult for members to see how much a user has contributed to the community. The new points program applies to solve this problem by making the process more transparent with a total balance displayed next to the users name.
But you have to pay attention to one thing. When a user creates a vault, they are given a private key that is stored locally on the user's smart device. This means that if the user does not create a backup key and loses the smartphone, he will not be able to access the community points, and Reddit who says he cannot intervene.
The technology behind it
According to Reddit, the points of the community are regulated by "a series of smart contracts that manage the balance, distribution / request and purchase of subscriptions". They also use and leverage existing parts of the Ethereum ecosystem, such as standard ERC-20 tokens, which in turn have been revised by Trail of Bits, an independent blockchain security company.
Ethereum transactions are paid in "gas", which are tiny quantities of ether (ETH quotation). Reddit said that since most users do not have any ETH, the social platform is ready to cover the cost of gas "for now" for those who use its integrated Vault, but this may not apply to those who use other portfolios. Ethereum.
The implementation of the community points will remain in beta throughout the summer, while the platform will continue to work to improve its functionality. What do you think? Let us know in the comments below!
