Reddit Aims to Pave the Way for Future Crypto Startups

Reddit Aims to Pave the Way for Future Crypto Startups

A new Reddit initiative utilises the ERC-20 tokens to reward positive behaviour, demonstrating a fantastic way to integrate the world of crypto using pre-existing systems

Reddit has announced that it is going to implement a system of community points using the Ethereum network on its website. Reddit is an online community that offers an almost limitless number of forums for users to discuss particular topics. This allows a productive environment for people with similar passions to share thoughts and ideas.

Reddit is therefore dependent on the interactions and posts within these threads being the highest quality possible. As such, Reddit has decided to implement a system of ‘Community Points’.  These will be awarded to users if their post or comments are found to be useful by other users.

Reddit hopes that this will improve user experience, as well as rewarding regular contributors.  At the moment, the most valuable contributors cannot easily be identified from everyone else on the thread, but as part of the new plan, an individual’s total community points would be displayed next to their username.

The scheme will not be being rolled out on the Ethereum mainnet, but will instead use the Rinkeby testnet. This is to ensure that any turbulence or lag experienced by the Ethereum network do not derail the project in any way.

Reddit are also offering to cover Gas costs for transfers that use their own in-house wallet, known as a Vault. This is because they recognise that it is unrealistic to expect all users to own some Ether.  If users opt to use a separate Ethereum wallet, however, they may be required to pay for the Gas themselves.

The sheer scope of this project, however, is incredibly promising for the future of crypto integration into our pre-existing businesses and communities.

Reddit is a massive community with 430 million daily users. The two threads being used for the test are r/Cryptocurrency and r/FortNiteBR, boasting 430 million users between them. Exposing such a large number of people to the potential of cryptocurrencies is a massive step up for the technology as a whole.

64% of these users are aged between 18-24. They represent a crucial generation that need to be shown the many applications of cryptocurrency to help begin implementing further societal change.

Reddit is a great fit for this sort of project.  It is a relatively young, online and diverse community that is open to new ideas.  Whether it will act as a beacon to further adoption and implementation of crypto technology will remain to be seen.

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