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Reddit will expand its loyalty program with Ethereum tokens

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Reddit social network has opened a waiting list to expand its Ethereum reward program with “Community Points” tokens to the platform’s subreddits and launched a special information resource.

Thus, the initiative has been operating in test mode since May 2020. Moreover, members of the r/Cryptocurrency and r/FortniteBR subreddits receive the MOONS and BRICKS tokens of the ERC-20 standard, respectively.

Furthermore, the program is currently running in the Rinkeby testnet with the prospect of switching to the main Ethereum network.

The platform has published standard rules for crediting tokens

Users earn points for creating popular content, moderating, participating in voting; and other forms of contribution to the life of the community. The platform has published standard rules for crediting tokens, but subreddits can define their own rules.

In addition, tokens are stored in the Vault wallet created by Reddit and are at the full disposal of the user. However, the rules of the platform are prohibiting the sale or exchange of assets at the beta testing stage.

“This kind of behavior is very risky while Points are on a testnet — Points can be lost or they may not be migrated over to the main Ethereum network,” Reddit said. Presumably, after the end of the test period, users will be able to trade tokens.

Communities will be able to fork blockchains

Reddit chose Ethereum, the Layer 2 (L2) solution of Arbitrum, to scale the program. According to Reddit, the choice of the Ethereum solution of Arbitrum L2 is due to its “full decentralization” and security. They also pointed to the approval from the developer community and called Arbitrum “the most promising scaling technology for Community Points.”

Recall that previously in November, Reddit programmer Rahul discussed the company’s attempts to boost user involvement through various cryptocurrency projects in a series of tweets. Also, Reddit communities will be able to fork blockchains based on community decisions. In order to allow them to experiment with new revenue tactics using Web 3.

In like manner, other social media sites, including Twitter and TikTok, have begun to enable users to see NFTs. This indicates that crypto’s mainstream acceptance is becoming more likely.

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