Reddit Karma Will Be an Ethereum Token –

Social media platforms are looking into blockchain and specifically Ethereum for new options for their users. In recent news, Twitter started hiring Ethereum developers to explore decentralized applications and how they connect to its platform.

Now Reddit has announced it will be converting Reddit Karma into Ethereum based ERC-20 tokens. Reddit is a website made up of different subreddits which all have different topics much like a typical online forum.

These subreddits are all run differently with their own moderation. There are many cryptocurrency subreddits that have already looked into and adopted the use of tokens for karma.

The subreddit/cryptocurrency which has almost 4 million members adopted the token Moons to be rewarded for those who participate and get upvotes in the community.

Likewise, a subreddit called Ethtrader also adopted its own token, Donuts, which is also rewarded for positive reactions to posts.

These token have been very successful and many have earned thousands of dollars just from making a post or even posting memes. This has come at a cost, the subreddit changed drastically as many flooded to these forums in hopes of getting free money.

The quality of posts and the number of reposts increased dramatically causing many of the older regulars of the subreddit to complain.

These tokens are not just to be converted to cash. The tokens also allow members to vote on community-based rule changes. This allows the community to have a bigger say in how their subreddit is run and anyone with [community] tokens can put up a suggestion for a vote. Now, these tokens could potentially be adopted throughout the entire website.

Reddit tokens will be optional for each subreddit. These will again bring the ability to vote on community changes and will even allow for a split into separate communities if they vote to do so. Enabling these karma tokens may come at a cost as the number of moderators required will increase to remove spam and reposts.

It is undecided which subreddits will accept the new changes. Some have millions of users and could potentially make some regular users very wealthy from their posts. 

Not much has been said about the number of tokens to be produced and the value each of these tokens will be worth at launch. Reddit could potentially make millionaires from meme makers.

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Updated: 11/14/2021 — 09:00