Social media platform Reddit is trying out a new reward system that will be powered by blockchain technology. The system, called Community Points will allow some gains for power users.
The news was first announced in a by a Redditor u/MagoCrypto. The post contained a video with details on the new system. The video explains that people can earn these Community Points monthly based on their contributions such as comments and posts. The points can be used to buy special memberships or be used to vote on weighted polls. Furthermore, users with Community Points will have the balances right by their usernames, visible to everybody.
Power users on Reddit are users who are popular on the platform and have made a lot of contributions in the form of comments or their own content.
The Community Points will be powered by the Ethereum blockchain, as an ERC-20 token.
Reddit does have a points system called Karma. However, Karma is controlled by Reddit while the Community Points will be on the Ethereum blockchain, uncontrollable by the platform.
A Reddit spokesperson has also confirmed the news. In a recent statement, the spokesperson said the Community Points directly represent how much a user interacts with the community.
Last year, a study between crypto discussions on Reddit, and price.