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DappRadar starts tracking Reddit crypto rewards

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DappRadar

OpenData Reddit points tracker now live!

One of the biggest online networks, Reddit, announced on the 13th May 2020 a new Community Points system based on the Ethereum blockchain.

Community Points will be distributed in Reddit’s r/CryptoCurrency and r/FortNiteBR communities, also known as subreddits, which have about 1 million members each. Effectively, Reddit just brought over 2M people into crypto.

Reddit has always been a very community-driven social platform and has effectively become known as ‘The front page of the internet’. The network is trying to create a more user-centric social media platform “a free frontier” as Redditors can now earn rewards in the form of ERC-20 tokens based on the Ethereum blockchain for creating engaging content.

Reddit crypto token tracker

In response to this announcement by Reddit, DappRadar immediately went to work creating a dashboard within OpenData. The dashboard allows visitors to access live data on the total supply, token holders, and transfers.

Each community has its own points system. r/Cryptocurrency is launching “Moons” and r/FortniteBR is launching “Bricks”.

Early signs show that the r/FortniteBR gaming community is more engaged, with over 5.5k Bricks holders compared to 1.4k Moon holders at the time of writing.

What are Reddit community points?

In Reddit’s own words:

“Community Points are a way for Redditors to own a piece of their favorite communities. As a unit of ownership, Points capture some of the value of their community. They can be spent on premium features and are used as a measure of reputation in the community.”

Users earn Community Points from submitting comments and posts to the subgroups. When users upvote or downvote that content the score will help decide how many points the user earned during the weekly distribution.

Points will come in the shape of Ethereum-based ERC20 tokens. Users will store them in their own Ethereum address, created by Reddit, which they are calling “Vaults.” 

Each user has control of their private keys, meaning they have full ownership of the tokens they earn. Tokens will be used to redeem items such as badges, GIFs, emojis, awards, etc. The wallet owner doesn’t have to be on Reddit and the tokens can also be sent and transferred to any Ethereum address. They are exactly the same as any other Ethereum token.

What next?

For now, the system is in beta and will be using the Ethereum test net but the combination of Reddit’s audience and Tencent as a backer could mean this is an inflection point for blockchain, much like Libra’s unveiling. 

Tencent – The Chinese wallet processes one billion payment transactions per day and has 800 million monthly users.

But where Libra has come up against regulatory setbacks, Reddit has not. Unlike Libras stablecoin, Reddit users will have instant use of their tokens, and the platform isn’t selling them on an exchange for money or crypto.

With DappRadar’s OpenData dashboard and commentary, you’ll be able to see exactly what’s happening 24/7. Make sure you sign up for our newsletter below to get updates direct to your inbox.

A big thank you to our supporters at Feedspot for including our content in their top 40 blockchain blogs and websites on blockchain technology. Make sure you check out Feedspot!

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