After Facebook and Telegram, Reddit is the next major social media platform to venture into the world of cryptocurrencies. The self-proclaimed “front page of the internet” is testing a cryptocurrency that will reward users for activities such as sharing an original post and posting comments, a move that aims to boost content creation and engagement.
Named Community Points, Reddit’s cryptocurrency runs on the Ethereum network and can be used to buy exclusive badges, content, and subscriptions on Reddit, and even beyond if it takes off. It is currently being tested by members of r/CryptoCurrency and r/FortNiteBR, reports Bloomberg.
Notably, each subreddit where the cryptocurrency is tested will have its own version of the Community Points. For example, the ones you get in the r/CryptoCurrency subreddit are called Moons. Contribution of members will be based on the ‘Karma’ they earn from the community, and they’ll accordingly be awarded the Community Points in their Vault.
Source: Reddit (r/CryptoCurrency)