Reddit is introducing a new points system that could potentially give “good actors” Ethereum-based crypto rewards.
Reddit Looks to Partner with Ethereum
What’s interesting about this story is that Reddit was once a longtime agent of bitcoin, the world’s number one cryptocurrency by market cap and the primary competitor to Ethereum, which stands as only the second most powerful cryptocurrency after BTC. However, the bitcoin subreddit appears to be deliberately ignoring the price of bitcoin in many of its latest posts, suggesting that perhaps people either just aren’t interested anymore or Reddit is looking to focus on more news-based material.
Now that it’s shifting to the potential use of Ethereum, things are looking even harsher for BTC on Reddit. According to a recent user post, Reddit is looking to introduce a new program known as “Community Points” in which the top users of certain subreddits are rewarded with digital benefits. The post suggests that the benefits will be stored using ERC-20 token standards.
A Reddit spokesperson explains:
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.
The maneuver suggests further proof that Ethereum continues to be the go-to network for new crypto developments. For example, several decentralized applications (known as “dapps”) have come about utilizing the Ethereum platform. Others, such as EOS and TRON, are also hugely popular.
Where Ethereum has failed in recent years is in its overall scalability. These are the words of Vitalik Buterin, the co-creator of the world’s second largest cryptocurrency by market cap. Because Ethereum has proven to be so popular in recent days, the network is straddled with hardcore traffic jams that make it very difficult to get anything done.
Since then, the ETH community has been run down by high gas fees and slow transaction times, making it comparable to the bitcoin network. Buterin claims he’s looking to implement Ethereum 2.0 very soon, which will potentially assist in the cryptocurrency’s string of scalability issues.
You’re in Control
A video shared by Reddit user “Mago Crypto” explains more about the incoming point system:
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… This allows the community to see how core contributors feel.
These words suggest a wholly decentralized system in which users control their own financial well-being rather than third parties or the network itself. Reddit users can also access their community points through a mobile Reddit app, which allows them to view their overall balances.
