Sunday, February 28, 2021

Reddit Launches Ethereum-Based Tokens for 2.3M Cryptocurrency and Fortnite Subreddits Users

Reddit, the leading online forum has launched the beta version of Ethereum-based tokens for its users to earn rewards for their daily contributions on the platform.

According to the report, the two tokens called $MOONS and $BRICKS will be issued to members of Cryptocurrency and Fortnite subreddits, which is Reddit’s new initiative named “Community Points”.

At the moment, Cryptocurrency Subreddit has 1 million members, while the Fortnite subreddit has 1.3 million members, making 2.3 million altogether.

Commenting on the new development, a Reddit spokesman told The Block that “

“We continuously run experiments to explore features that engage our users and communities. With Community Points, we’re working exclusively with two communities to test this feature and gather feedback from our users.”

Reddit Creates Avenue to Manage the Tokens

Reddit has also created a webpage that guides users to open “Vault,” a platform specifically created for users to manage these tokens.

Using Vault, users can view their accumulated tokens from different subreddits, claim and spend their points, according to a prompt on Reddit’s mobile app.

The two tokens ($MOONS and $BRICKS) will be ERC-20 tokens issued on the Ethereum blockchain. So, creating Vault by users implies that they are creating new Ethereum wallets where tokens can be stored.

Per the report made available by Reddit, the tokens are presently in beta, and it will remain under this testing mode throughout the 2020 summer.

The report reads:

 “The smart contracts and mobile apps have been reviewed and audited by Trail of Bits, an independent security firm with blockchain expertise.”

According to the message on the Vault page, “Community Points are currently in beta (through summer 2020). During that time, they will be on the Rinkeby testnet, and balances, transactions, and memberships may be reset. After the feature leaves beta, Community Points will be migrated to the Ethereum mainnet. Points balances will be carried over (though will need to be reclaimed).”

Moreover, the users of Reddit can also use their tokens to vote, tip content creators, and transfer funds.

“To help identify potential bugs, Reddit is inviting security researchers to assist in finding vulnerabilities in Community Points. Interested developers and security researchers should visit,” The Vault page explained.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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