Popular American social news aggregation, web content rating, and discussion website with millions of global users, Reddit has announced a blockchain-based community point system and has made Ethereum the first blockchain to facilitate this development.
Limelight spotted the development when users of the platform noticed a modification to the app which allows them to accumulate points with respect to their activities on the platform. According to a couple of reports, Reddit’s community points can be used in various ways, some of which are similar to the way their previous karma was used and also, many other inclusions which are considered to be new developments.
The Community points, according to official documents are new inclusion representing ownership of a subreddit. These are presently available in some subreddits that opt into them. They are also designed to go by custom names like Bricks.
The Points, as designed, are accumulated on a monthly basis from contributions made to the subreddit, in the form of posting and commenting. The Points so accumulated can then be used in a lot of ways. These include buying memberships as well as voting on weighted polls. The Point balances will also be displayed next to usernames, as a form of reputation visible to everyone.
The Reddit’s community points are designed to be fully owned and controlled by people who own them as they exist on the Ethereum blockchain, which, by design, works similarly to the Bitcoin blockchain, which guarantees property right and absolute control.
Points Versus Karma
Reports indicate that Reddit’s blockchain-based points are a lot different from their old karma counterpart. According to uploaded documents that explain the use of the points, they are used to signify reputation like karma but also, can be used in a whole lot of ways different from that of karma. The points are also decentralized and user-controlled, as against karma, which exists on Reddit’s database and is completely centralized and controlled by Reddit at will. The points exist on the Ethereum blockchain as standard ERC-20 tokens and are far beyond the control of Reddit.