The popular online forum, Reddit that has 20 million users has started beta testing two Ethereum-based tokens named $MOONS and $BRICKS for users of /r/Cryptocurrency and /r/FortniteBR respectively to earn rewards.
These tokens are a new way for people to be rewarded for their contributions to Reddit which represent ownership in these subreddits, as part of Reddit’s new initiative called “Community Points.”
/r/FortniteBR and /r/Cryptocurrency have 1.3 million and 1 million members respectively. Reddit members can use their tokens to vote, tip, buy badges and award, and transfer funds. Every time these tokens are used they are burned.
To be rolled out gradually in the next couple of days, this beta testing will continue until later this summer.
“Reddit introduced about 20M new users to cryptocurrency or their own token in a matter of seconds. Thousands of popular websites, likely thousands of tokens. Inevitable adoption!” tweeted Binance co-founder and CEO Changpeng “CZ” Zhao.
“A step in the right direction”
MOONS and BRICKS can be claimed in the new Vault section, a new platform to manage these tokens, of the Reddit iOS and Android app.
With Vault, users can also spend their points and view their tokens from multiple subreddits. By creating Vault, Reddit allows users to create new Ethereum wallets whether these ERC-20 tokens can be stored.
“Community Points are currently in beta (through summer 2020). During that time, they will be on the Rinkeby testnet, and balances, transactions, and memberships may be reset,” reads the Vault page.
“After the feature leaves beta, Community Points will be migrated to the Ethereum mainnet. Points balances will be carried over (though will need to be reclaimed).”
However, as we reported previously, Reddit runs these kinds of experiments continuously to explore features to engage users and the community.
Arjun Balaji, CIO of Shomei Capital, these kinds of experiments are “a step in the right direction.”
Cool to see Reddit launch "community points", subreddit-specific [ERC-20] tokens designed to help align economic incentives (see r/FortNiteBR below).
— Arjun Balaji (@arjunblj) May 14, 2020
“Fun experiment,” said trader Ledger Status adding, “I’m really interested to see what dynamics affect the price of tokens that are purely centered on the strength of an online community … Especially since nothing stops other communities adopting the exact same tokens.”