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Reddit Set To Roll Out Reward System Based On Ethereum

reddit

Reddit stands as a content aggregator website, much like Facebook. While the “cultures” of the two platforms are different, both parties seem to be interested in expanding into crypto. With Reddit, it’s in the process of developing a blockchain-based reward point system for its communities to use.

Rumours Spreading

This was revealed through a user going by the handle of “MagoCrypto,” who went into detail concerning this new feature. These so-called “community points” will be used within a subreddit system, allowing users extra benefits within the platform.

According to this post, which was posted on the “Cryptocurrency” subreddit, the rewards system will be developed through the use of the Ethereum blockchain. A go-to blockchain network when it comes to innovations such as these.

The PR Confirmation

This was, of course, just hear-say until a spokesperson from Reddit itself confirmed it. The spokesperson explained that the platform was always experimenting with various methods to support its communities on the platform.

In this particular case, the spokesperson stated that Reddit was working with one community in particular to test the feature, which will represent the involvement of a user within a set community. After that, it was the mandatory public statement of how Reddit valued its community, ever-seeking its feedback as it explored these new features, citing further engagement with communities and users as motivation.

Upgrading The Systems

Reddit can be classified as a “fringe” social media platform, consisting of users that shun conventional social media platforms, for the most part. With its niche style, it’s attracted many groups of people, with the crypto industry having a consistent presence within it. Rather ironically, the platform is rather popular, while simultaneously viewed as “unpopular” by the community as a whole.

It should be noted that a superficial rewards system is already in place within the social media platform, and the platform has been keen on giving this an upgrade for some time now.

The critical form of this system already existing is in the form of Karma. It’s a basic points system that represents the reputation of a user on the platform, but doesn’t do much else. Furthermore, there is a “badge” system, as well, where users can award certain posts on the platform with a badge to show their appreciation. However, with the new rewards system planned, these things will be associated with real value.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.