- Reddit to implement an Ethereum-based rewards model
- The new system will replace Reddit’s Karma with real usage points
- Points are a measure of reputation and contribution
Ethereum News Today – content aggregator website, Reddit, has been working on implementing a Blockchain-based points model to reward its user communities. This report came from the forum from one Reddit user known as MagoCrypto. The user said the community points will feature the new subreddit model which will give extra benefits to all users of the content aggregator platform.
The New Rewards Model is Based on Ethereum’s Blockchain
According to the post made by the user on the “Cryptocurrency” subreddit, Reddit’s new rewards system will be based on the Ethereum Blockchain network. Ethereum’s Vitalik Buterin tweeted about the move saying:
“My favorite proposal for a meaningful Ethereum integration with Reddit could do was to allow subreddits to make an arbitrary smart contract address as moderator. This would undoubtedly allow unbounded experimentation of DAO-like moderation policies.”
In confirmation of the prospects of the new system, one Reddit spokesperson said:
“We are continuously experimenting with new ways to support the communities on Reddit. This time around, we are working with a community to test a new feature that will represent a user’s involvement in a particular community. We seek out and value community feedback as we keep on exploring features that will engage our communities and users.”
The Spokesperson From Reddit Didn’t Mention Anything About Ethereum
Despite confirming that the content aggregation platform is working on a new rewards system, the spokesperson for the platform failed to say anything about Ethereum. He did not confirm that the new model will be based on the Ethereum Blockchain.
It is widely known that Reddit is a favorite platform for digital currency users and proponents with many subreddits for several discussions on specific topics relating to cryptocurrency. Now, the pilot of the platform is for a new rewards model that will be based on Ethereum. Reddit already has the Karma rewards model for its users to use for engagement on its platform. However, this model only shows a user’s reputation on the platform.
With the new rewards model, Redditors will get points with real value. These users will be able to spend their points to buy unique memberships in their Reddit community. A special membership will unlock exclusive features in their community. The points will be destroyed which will make everyone else share of Points rise. This is designed to ensure that buying memberships awards the entire community.
According to the FAQ section of the Reddit post regarding replacing the current rewards system, karma with usage points:
“Points are a measure of contribution and reputation in a community. To highlight the important members of a particular community, points balances are displayed next to usernames via posts and comments on the subreddit thread.”