Posted 2 years ago | by Ben Armstrong
Reddit may use Ethereum for Token-Based Points System
A Reddit spokesperson confirmed in a post on the social media platform that the firm is experimenting with Community Points, which is a new system for subreddits or communities to deliver extra benefits to users.
MagoCrypto, a Reddit user, said on the video that the site will publish a list of users and their karma, Reddit’s longstanding in-house points system, every four weeks allowing the community’s users to propose any changes and sign off on the list. This system will also allow users to claim Community Points.
According to a company spokesperson:
“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.”
Reddit Could use ETH's Blockchain
The aforementioned video also stated that these new community points are different from karma in a few ways. While Reddit controls all karma, the community points exist outside of Reddit’s control as they would exist as ERC-20 tokens.
Points can also be used to buy Special Memberships, which grants the right to use emojis and GIFs in comments or weight polls. Reddit users can buy Special Memberships directly from Reddit in case they don't have the necessary amount of points.
The video went on to state:
“Community points are fully controlled by the people who own them...They live on the Ethereum blockchain, which is the same technology as Bitcoin to guarantee property rights and control. Even Reddit cannot take them away.”
Points that are from polls conducted in a community will show both what the total votes are for vote-per-person, and the weighted total for vote-per-point, which means users with more points will have more impact on the poll. This would allow unbounded experimentation in moderation policies, such as DAO.
New Ways to Ensure Rewards
While comments from users indicate that these new tools may only be rolled out to a small number so far, Reddit users can access their Community Points through the Reddit mobile app, which has a wallet function that lets users see their total balance.
A post from Reddit stated that:
“Behind the scenes, your wallet is a way to access the Ethereum blockchain...When your wallet is created it generates a public address and a private key.”
The private key is known only by the app’s user, which makes it a totally private system. Reddit also advises users to create a backup or write the keys down someplace safe. While Reddit has not formally acknowledged that this system is testing on Ethereum, it is likely that Ethereum, or a similar platform would be used to power the new community points platform.