Posted 12 months ago | by Ben Armstrong
Reddit and Ethereum Could Make a Great Team!
Recently, A new point system was released by Reddit, which works to bring many benefits for people on the platform, and it features Ethereum-based crypto rewards. Ethereum has numerous potential uses, and it looks like Reddit is leveraging one of the most popular crypto platforms to bring new rewards to its user base.
Cooperation between Reddit and Ethereum
An exciting story is unfolding at Reddit. It looks like the online platform is backing Ethereum with its latest move to use the ETH blockchain for a rewards platform.
While Reddit has been an ally of Bitcoin as well, in recent posts from Reddit, Bitcoin does not appear anymore. Perhaps either Reddit is trying to concentrate on more extra news-based material, or people are looking outside of the BTC world for other platforms.
Ethereum Makes Sense for Rewards
In step with a recent post, Reddit is trying to expand its user market by releasing a new program called "Community Points," which makes sure the top-ranked users will get more digital benefits. There are many advantages of using ERC-20 token standards, especially as it functions with numerous crypto tools already.
A Reddit spokesperson explained that the company is working to support communities through new ways of building interaction. The end of purpose is to reward users for being active community members.
New Ways to Create Rewards
Ethereum has been at the center of many new crypto developments. For instance, the Ethereum platform has appeared in some popular decentralized applications. EOS and TRON are also examples of typical applications in using the Ethereum platform.
In recent years, Ethereum has seen some problems with its overall scalability, but far less than the BTC blockchain. High gas fees and slow transaction time are two main factors that keep people looking for more innovation from ETH. Nevertheless, Buterin promised that he would implement Ethereum 2.2 as soon as possible.
If you are among Reddit's users, you can be assured that owners will have the right to control community points.
As long as a token is based in Ethereum, the holders will be guaranteed property rights and control. Even Reddit does not have the right to take them away. It is also an excellent way to make the community feel safe and recognize the efforts of community contributors.
Ethereum has loads to offer both individuals, and also companies that need secure ways to offer rewards points. These systems can also be used for other platforms, like trading unique items or tracking shipments. Ethereum has loads of potential, and it looks like that potential is starting to be recognized!