Reddit May Use Ethereum for a New Token-Based Points System

Reddit is experimenting with recording factors and perks on a blockchain.

In line with a consumer submit on the social media platform and confirmed by an organization spokesperson, Reddit is experimenting with “Group Factors” – a brand new system for subreddits (communities) that offers energy customers additional advantages. These Group Factors are apparently saved utilizing Ethereum’s ERC-20 token normal.

In line with the video by Reddit consumer MagoCrypto, the location will publish an inventory of customers and their karma each 4 weeks; enable the group’s customers to suggest any modifications; after which log off on the listing, permitting customers to assert Group Factors. 

In an announcement, a Reddit spokesperson mentioned, “We repeatedly experiment with methods to help communities on Reddit. On this occasion, we’re working with one group to check a characteristic that represents a consumer’s involvement in a group. We worth and search out group suggestions as we proceed to discover options that interact our customers and communities.”

The spokesperson declined to verify whether or not the mission was being examined on Ethereum or present additional particulars. 

Reddit controls all karma, whereas the group factors are ERC-20 tokens and subsequently exist outdoors of Reddit’s management. Factors may also be used to purchase “Particular Memberships” granting the appropriate to make use of emojis and GIFs in feedback or weight polls, in response to the video shared by MagoCrypto. 

Reddit customers who don’t have sufficient factors may also purchase Particular Memberships immediately from Reddit.

“Group factors are absolutely managed by the individuals who personal them,” in response to the video. “They stay on the Ethereum blockchain, which is similar know-how as Bitcoin to ensure property rights and management. Even Reddit can not take them away.”

Polls performed in a group with factors will present each what the whole votes are for vote-per-person, in addition to the weighted complete for vote-per-point, that means customers with extra factors could have an outsize impression on the ballot.

“This permits the group to see how core contributors really feel,” the submit mentioned.

Reddit customers can entry their Group Factors via the Reddit cellular app, although feedback from customers point out that it might solely be rolled out to a small quantity thus far. The app has a pockets operate that lets customers see their complete steadiness. 

“Behind the scenes, your pockets is a method to entry the Ethereum blockchain,” the submit mentioned. “When your pockets is created it generates a public handle and a personal key.” 

The non-public secret is recognized solely to the app’s consumer, and Reddit advises customers to create a backup or write the keys down someplace protected.