Reddit to Expand its Loyalty Program with Ethereum Tokens

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Social network Reddit has opened a waiting list for expanding its program of rewarding Ethereum tokens “Community Points” to subreddits of the platform and has launched a special information resource.

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

The program is deployed on the Rinkeby testnet and plans to move to the Ethereum mainnet.

Users earn points for creating popular content, moderating, voting and contributing to the community in other ways. The platform has published standard rules for the accrual of tokens, however, subreddits can define their own rules.

Tokens are stored in the Vault wallet created by Reddit and are at the disposal of the user. However, the sale or exchange of such assets during the beta testing stage is not allowed by the rules of the platform. According to Reddit:

“This behavior is very risky – points can be lost or not transferred to the main Ethereum network.”

Users will probably be able to trade tokens after the end of the test period.