According to a user post on Reddit, which was later confirmed by the company spokesperson, Reddit is experimenting with “recording points.” This is a new system implemented for subreddits, which gives the users extra benefits. Ethereum’s ERC-20 tokens store these points.
According to the post, Reddit will announce and publish a specific loss of users and their respective Karma points every four weeks, allows the users to propose any changes and sign on the list. This, in turn, gives the users’ community points.
The spokesperson has not yet confirmed that the project is tested on Ethereum and rejected to provide further information.
Advantages and Perks:
My favorite proposal for a simple meaningful ethereum integration @reddit could do was one of @virgilgr‘s ideas: they should allow subreddits to set an arbitrary smart contract address as their moderator
This would allow unbounded experimentation in DAO-like moderation policies.
— vitalik.eth (@VitalikButerin) April 10, 2020
Reddit would control all the Karma, and the community points based on ERC-20 tokens, which are entirely outside of Reddit’s control. These points can also be used to buy “Premium Memberships” in Reddit, which in turn will permit the user to use Emoji and GIFs in the comment section.
The option of buying membership through actual cash is also available.
The polls conducted in a community will show the total votes and even votes per person. This means that the users who have more points will have a significant impact on the poll.
This will exponentially increase the user contribution and user’s voice in this well-known platform.
Community Points Wallet:
In order to use and avail these community points, the platform would give you a personal wallet, which would be available in the Reddit app. You can purchase the premium membership and view the balance through this wallet. According to the spokesperson, The Wallet is another way to access the Ethereum Blockchain. The user can keep the wallet secure by providing a private key or password. Reddit advises the users to jot the password somewhere or create a backup to avoid complications.
