As per a user post, the most popular social media website, Reddit is looking to implement ERC-20 token for its Community Points.
These Points represent ownership of a subreddit and are a measure of reputation within a community. They can be used without restriction, control or permission of Reddit.
The company has yet to make any official announcement but the fact that Ethereum blockchain is the focus has the community excited. The blockchain is to ensure that the owner has full control of his Points and “even Reddit cannot take them away.”
The initial distribution will be 50 million Points with a maximum cap of 250 million which are distributed to users one in four weeks based on their contributions with posts and comments. Some of these Points are also reserved for contributors like Mods (10%), Reddit (20%), and another 20% for the broader Reddit community.
Moreover, there is a new section called “Wallet” where users can manage their Points. A way to access the Ethereum blockchain, once the Wallet is created, a public address and a private key will also be generated.
Given that Reddit has a traffic of over a billion, it makes sense that the Ethereum community is ecstatic on the prospect of reaching a massive user base.
“400 million people are about to get introduced to the Ethereum ecosystem. Imagine if they decide to explore what else they can do with their newfound wallet,” said Jack Purdy of Messari.
However, Reddit’s experiment is currently focused on only one community.
“We continuously experiment with ways to support communities on Reddit. In this instance, we’re working with one community to test a feature that represents a user’s involvement in a community. We value and seek out community feedback as we continue to explore features that engage our users and communities,” a company spokesperson said.
Udi Wertheimer, a VR meetup organizer rebuked the Eth community for going with this “flat out fake news.” This is just a small-scale experiment like many others that Reddit does from time to time and “eventually killed,” he said.
“It’s a trial that started literally years ago, and to this day is running (and failing) on one single subreddit,” said Wertheimer adding, “The year is 2020 and people are still stupid enough to think that a built in ERC20 wallet in a semi-mainstream app could bring mainstream interest to failing “DeFi” companies? For real? You mean like Samsung and Opera did?”