It appears that Reddit has decided to bring good news to the Ethereum community by reporting that it is allegedly experimenting with a Blockchain-based reward system.
Reddit experiments with Ethereum
The first to give the news was the user MagorCrypto through a video in which he revealed a beta implementation of the system on his Android. In the video you can see an integrated wallet with an Ethereum address.
So, apparently, the reward system will store the ‘Community Points’ as ERC-20 tokens.
“Reddit already has a long-standing internal point system, which collects points in the form of karma, so it might be possible to replace the Reddit system with the new project being tested. The new point system, if based on Ethereum’s ERC-20 standard, would be out of Reddit’s influence, as all ownership and control of the blockchain is decentralized. ”MagoCrypto explained.
This is very important, since being ERC-20 tokens, they are out of Reddit’s control. Therefore, “The points of the community are controlled exclusively by the people who own them”, is explained in the video.
However, the Reddit user did not confirm whether the project was being tested on Ethereum or mention other details. But, Alexis Ohanian, co-founder of Reddit, has been an advocate for cryptocurrencies since 2018.
In this way, according to current plans, platform users will be able to earn points by posting and commenting on various subreddits. Also, according to the user, these tokens could be used to buy Especiales Special Memberships ’that grant some additional rights.
“We value and seek community feedback as we continue to explore features that engage our users and communities.”
How did the crypto community react?
Ryan Sean Adams, popular advocate of Ethereum, commented via Twitter that ETH adoption could benefit from this Reddit implementation.
Exposing 430 million redditors to ETH would be spectacular, Adamas says. Also, Reddit experimenting with Ethereum could be beneficial for DeFi.
Obviously, it is a project in its first steps and, therefore, has a limited scope. However, this could change over time.
We invite you to tell us what you think about the fact that Reddit experiments with Ethereum.