Reddit is taking steps to actively expand its Community Points, a cryptocurrency native to the popular discussion board.
Community Points is based on Ethereum and is now scaling up with a waitlist already set up for members who wish to participate.
The feature, though, will be open to subreddits, the forums and communities used to organize the discussions by specific interests. If Reddit deems one community worthy, they will extend their native token to them, allowing users to earn Community Points in the eligible subreddits.
To earn such points, all users need to do is be good Redditors, contributing to discussions, sharing materials, and generating organic, non-spammy content. The original idea is to use these tokens to make executive decisions about a subreddit, much like fan tokens in soccer are advertised as empowering fans to weigh in on decisions about their favorite teams.
However, Community Points may also be exchanged out of Reddit to other crypto exchanges and converted into real currencies.
Reddit has explained its scaling of its program as a different future for the entire website and how consumers engage with it.
“These tokens live on the blockchain, which means they are truly owned by the community. Over time, your community will benefit from even greater control and independence—on and off of Reddit”, it said.
While Reddit is yet to scale up its offer significantly, the idea behind an ERC-20 token that can allow community members to engage with crypto could lead to a broader adoption of the technology while offering some real value back to consumers, besides entertainment or/and information.
With a total of 3 million subreddits and counting, there are many reasons to believe why Reddit can be one of the most powerful conduits of crypto – more so than Robinhood or even some of the leading crypto exchanges.
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