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JacksonPalmer

Reddit Is Launching Ethereum Tokens For Its Subreddits

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Two subreddits with a combined 2.4 million members are launching their own cryptocurrencies.

As part of a larger campaign from Reddits’ higher-ups, the r/Cryptocurrency and r/FortNiteBR subreddits unveiled their token launches last night. Branded all too aptly (and perhaps a bit unfortunately), the tokens, MOON and BRICK, respectively, will be used as “community points” for either subreddit and are the flagship campaigns for Reddit’s push to provide tokens as in-community currency for its thousands of subreddits.

These tokens will be stored in the Reddit Vault, a wallet component that’s baked in to Reddit’s Android and iOS apps. Like other Ethereum-native tokens, users will be able to transfer these tokens off their Vault to any other ERC-20 compatible wallet. But it’s unclear whether or not exchanges will support markets for these coins.

From launch, their utility will revolve around subreddit-specific digital swag and rewards, including “Special Membership” and even voting privileges.

“[BRICKS] can be traded freely and used for any number of purposes within the community,” the Fortnite subreddit announcement reads. “At this time, they can be used to display reputation within the subreddit, unlock exclusive features like badges and GIFs in comments with a Special Membership, and add weight to votes in polls.” The post in r/Cryptocurrency promises the same perks for MOON.

Source: https://www.forbes.com/sites/colinharper/2020/05/14/reddit-launches-ethereum-tokens-for-subbredits-in-new-community-points-campaign/#f216b92533c6#f216b92533c6

 

finally a big social network that actually uses the amazing tech behind cryptocurrency and blockchain. I hope that they are successful with this test run and expand it to the whole platform sooner than later.

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