Even the social media platform are also decentralising this days. We can see some of the decentralised social media like uptrend, cent which give its users an opportunity to earn cryptos in exchnge of posting quality content. Same is the thing in the reddit community.
In a bit to create a more user centric social media platform reddit has introduce its new community point system build on Ethereum blockchain. Its has been officialy announced that they have introduced two new loot token for subreddit cryptocurrency and subreddit fortnightBR called Moons and Bricks respectively .On May 13th reddit has announced that all its redditor will be able to earn reward in the form of this ERC token based on ethereum blockchain in order to engaged a quality content from the redditors.
According this project 50 million Moons will be distributed based on karma earned in the subreddit.
The amount will start at 5 million and decrease by 2.5% every cycle, so that the total number of Moons distributed will approach a maximum cap of 250 million.
Users will have the freedom to either save their community point or utilise them to buy premeum reddit feature such as badges, emoji and GIF in the comment.
Each community point will be visible besides the username in the comment section in order to make it more transparent.Accordingly reddit community will exercise full control of the comunity point. While reddit karma will provide a basis of users engagement within the community.As point will be based on blockchain and stored in a wallet no one can take the point away.
The community point is in beta phase and is based on Rinkeby and Ethereum testnet. During this time reddit will conduct an experiment with reddit communities. And will finalised how the reward system will work
After the beta phase reddit will move the community point system to ethereum main net.with over 2 million monthly visit the establishment of Ethereum based point system into reddit could prove to be a major boon in wider adoption of cryptocurrencies.