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Popular online forum Reddit is bound to make an impact on the future of online communities. The social platform is launching an Ethereum-based Community Points program and just rolled out a waitlist for users and moderators to join.
According to the announcement, the program gives members of eligible subreddits the chance to earn reputation points and have stake in their favourite community via customized crypto tokens built on the Ethereum blockchain.
“Community Points are the first step towards a different future for online communities.
These tokens live on the blockchain, which means they are truly owned by the community.
Over time, your community will benefit from even greater control and independence on – and off of Reddit.”
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By monetizing time spent online, points can be earned by participating in discussions, winning community contests, and posting quality content. With the points earned, Redditors can then take part in exciting ‘features’ such as subreddit’s decision-making process, tipping content creators, and unlocking special VIP features.
“Earn something valuable for all the hours you put into your community.
Community Points are a way for Redditors to own a piece of their favorite communities.
Moderators and content creators earn points by contributing to the community, and they can spend their points on special features, display their points as reputation in the community, and vote with their points to weigh in on community decisions.”
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Earlier in the year Reddit revealed their partnership with the Ethereum Foundation to integrate the top performing altcoin into Reddit its platform. This comes seven years after initial plans to include cryptocurrencies to its community.