Reddit Community Points
Reddit Community Points
Reddit Community Points are a blockchain-based point system that was debuted in beta on May 14th, 2020 on Reddit. The Reddit Community Points are stored as ERC20 tokens on the Ethereum (ETH) Blockchain, giving users anonymity and sole ownership of the points. The points can be spent on premium features and can be seen as a measure of reputation in the community.[1]
Overview
"We continuously run experiments to explore features that engage our users and communities.
With Community Points, we’re working exclusively with two communities to test this feature and gather feedback from our users"
The two types of tokens that users can earn have been dubbed "moons" and "bricks".
Less than a day into the experiment, there were 4 times as many "brick" holders than there were "moon" holders.
When Reddit launched their points tracker, "moon" tokens had registered 2,205 wallets and "brick" tokens had registered 9,246 wallets.
Shortly after launching, redditors began organizing a DAO for the tokens. [11] The DAO announcement read:
"A DAO is like a club with a shared bank account, where the power is shared amongst all members as shares which act as voting power.
[...] We have summoned a DAO on the same network as MOONS & BRICKS, and you’re welcome to play around with us and figure out what we want to do "
Earning and Burning
Community Points are awarded to users who generate high quality content on the site.
When spent, the points are "burned", or effectively destroyed.
This rewards the community by increasing the percentage of points the remaining holders have.
Users without Community Points can purchase memberships with USD and Reddit will burn some points on their behalf.
Community Point transactions are built on the ERC20 standard and require gas to complete. Reddit is covering the cost of gas for Community Points transactions for the indefinite future, though they've acknowledged the need to adopt better scaling and gas solutions in the future as they emerge. Gas fees aren't covered by reddit when community members use Ethereum wallets other than the built-in vault.
Reputation and Voting
Community Points will not only serve as an indicator of reputation, but they will allow users with a lot of them to cast weighted votes in community polls.
The idea is to give more value to the opinions of the most active community members.
Vault
The Vault is a built in tool that allows Reddit users to view, claim and spend Community Points. Community Point holders can also use other Ethereum tools if they are knowledgable. After creating a vault, a public address and a private key will be generated. The public address points to where the Community Points are stored. The private key is the only way to access and use Community Points.
Since the private key is stored on your phone, it's possible to lose your phone and lose all of your Community Points if there is no backup.
Reddit has two ways to create a backup: 1.) Users can store a secure, encrypted backup of their private keys on Reddit.
2.) Users can generate a twelve-word Recovery Phrase to manually protect their vault.
Moons and Bricks
The r/Cryptocurrency and r/FortNiteBR have their own specific Community Point cryptocurrencies, Moons and Bricks respectively.
Initially, fifty million tokens will be issued at genesis to members who have contributed to the subreddit and have at least 100 Reddit karma.
In the following month, five million tokens will be released on each subreddit, with a 2.5% decrease each subsequent month.
Issuance will stop once it reaches 250 million tokens.
To be able to post on c/Cryptocurrency, users need to have a minimum of 500 comment karma and must have stayed six months on the platform.
The users are still able to comment on posts and earn MOON tokens if the above criteria is met.
The tokens will start out on Ethereum's Rinkeby testnet until they are ready to migrate to the mainnet.