TL;DR Breakdown
- Reddit has initialized a society award beta project. It allows users to have ownership of the community.
- The award system measures the potential and character of users as the rewards will be based on such.
- Despite some Reddit bitcoin forums banning discussion on ETH, the reward program runs on ETH’s web 2.
Reddit, the prominent forum and social news website, has announced the launch of its Community Points beta project. Through an ETH-based crypto initiative, the project allows its followers to “have a pie” of their society. Moreover, it involves purchasing “unique coins” for subreddits.
In the recent past, the social media platform said that its User Reparations project would use the Layer 2 (L2) interface Arbitrum.
The Social Points beta project news took place on the firm’s website this week. It states that the social media platform family will use native virtual currency connected to distinct subreddits.
This writing has a checklist, and members can join up through a form developed by the platform.
According to the social media platform’s explanation of its inaugural developer program. “Social Awards will play the guiding pillar of a brighter life for virtual networks.” “Because these assets are on the ledger and are 100% community-owned.” On and off the platform, your society enjoys extra control and autonomy over time.”
According to the social media platform, fans can “gain stuff worthwhile for all the time you invest into your forum. Besides, you can activate exclusive perks,” according to the social media platform. The firm explains users can “buy social features using Social Points. For instance, special subscriptions and rewards, [and] promote good content and interaction.” Users can also use surveys and algorithms to determine how Social Points are distributed. The website of the platform adds:
“Each subreddit makes its society awards token with a unique identity and symbol.”
The Social Awards approach is famous for virtual currency subreddits. But the most famous Crypto subreddit may be wary of Eths subreddit tokens.
Prohibitions on debates of rival digital tokens on some r/Bitcoin platforms
Furthermore, Reddit claims that clients can “own” their profile. The compensation project will serve as a “metric of character” inside a forum. “You can see them next to profiles in the subreddit.” they added, “so the major players shine out amongst the pack.” The social media platform addressed the notion of Social Awards. in particular areas such as the subreddit r/crypto. Yet, a large majority of the subreddit’s followers liked it.
There are prohibitions on debates of rival digital currencies on r/bitcoin. So, it will be fascinating to observe the implementation of a Community Points token. Furthermore, many r/bitcoin users dislike the Ethereum smart contracts. So adopting it for a Social Scoring system might appear as disingenuous. Many other cryptos and non-crypto-related Reddit groups will have no problems implementing the Ethereum-based Social Awards scheme.
The social media platform will be exciting moving forward. The reward system might trigger more users. Besides, serious discourse might take place moving forward. Moreover, the reward might help remove the barriers and regulations.
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