We are entering just a few days into Reddit ETH-based rewards program. The forum and social media platform fores into cryptocurrency-based point system seems to be a hit; particularly with Fortnite fans.
What is Reddit?
Reddit is a forum or social media board that allows users to post, rate and discuss contents and websites. Members can post text-based content, links and images for others to discuss.
The social news aggregator was founded in June 23, 2005 by college roommates, Steve Huffman and Alexis Ohanian. They were roommates at University of Virginia at the time. Purchased by Condé Nast Publications a year later, Reddit become one of the most popular social media platforms.
Reddit and Cryptocurrency
However, after the emergence of Bitocin, blockchain and cryptocurrencies, Reddit quickly become the go-to place to discuss everything related to the space. Currently CEO, Steve Huffman joined the social discussion platform on Jul 10, 2015 and still leading it today.
On May 14, Reddit announced it begun testing two separate Ethereum-Based rewards programs or points systems to reward community contributors with ETH tokens based on accumulated points. Made public for the first time last month, the program is days away from launching.
How does Reddit ETH-based rewards program or community points work?
Reddit has released two tokens on the Ethereum platform for the points system. Dubbed $BRICKS and $MOONS, users that are contributing members and moderators of subreddits; /r/Cryptocurrency and /r/FortniteBR will accumulate points that can be traded for either ERC-20-based tokens.
50 million tokens are currently in circulation. At press time, 10,000 Reddit users have signed up to join the rewards program. Surprisingly, 80% of those who joined are from the Fortnite online gaming community.
According to reports, Community Points earned based on a combination of participation and Reddit karma. 50 million Points are available for grabs. Thus far, based on etherscan.io records, BRICK has accumulated 9,091 addresses, compared to MOON’s 2,166 ETH addresses.
Faith Obafemim tech lawyer, digital content consultant, blockchain & crypto researcher, emerging tech tech writer. She is currently doing research on the implementation of the African Continental Free Trade Agreement (AfCFTA) on the blockchain and recommending Kleros as a dispute resolution layer.