Reddit, the popular social blogging platform, has confirmed that its tokenized rewards will migrate to the Ethereum block chain later this year.
On May 13, Reddit officially unveiled its Community Points system, announcing that the feature will be implemented for two days in „limited communities“.
However, the reward system will run on a trial basis until at least the fall of 2020.
A Reddit publication confirmed that the points will comprise ERC-20 tokens, however, the system will not be migrated to the main Ethereum network until after the beta version.
The new Reddit community blockchain points can be controlled „just like Bitcoin“
While the system will initially manifest on the Rinkeby test network while in beta, a set of intelligent contracts based on Ethereum will execute transfers, distribution and other operations that support the reward protocol after the migration.
In the meantime, accumulated point balances will also be transferred.
Reddit accepts blockchain rewards.
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The points of each subreddit will be awarded with a unique name, with the crypto-currency of the reward tokens of the subreddit „Moon“.
Community Points will be distributed monthly based on individual user activity within a subreddit, such as posting or commenting.
The posting states that users can freely exchange Moons or use them for a variety of utilities within the r/Cryptocurrency community. Currently, Moons can be used to display reputation, unlock badges, GIFs and other features, and add weight to voting in polls.
New details of the ERC-20 based point system are emerging and have not yet been confirmed by Reddit
Reddit aims for 250 million Moon supply
Users will also receive an initial distribution based on their score under the existing reputation system, it was proposed, across europe for bitcoin, had not responded, blockchain was taken over, reviewing its standards, with 50 million Moons scheduled for initial distribution in the r/Cryptocurrency subreddit.
From there, the next month will see USD 5 million Moons shared among users based on activity, and the total pool will decrease by 2.5% each month to a projected limit of 250 million.
Rumors of a blockchain-based reputation reward system first surfaced in early April after a screenshot was released that provided an overview of the „points“ function in the r/Cryptocurrency subreddit.
A second video was posted a few days later, showing a FAQ tutorial for the „Community Points“ system, which seemed to confirm that the rewards function would be launched on Ethereum.