More details have been revealed on Reddit’s blockchain-based point system, which he is trying out for one of his communities.
As Decipher reported yesterday, a community manager at Unstoppable Domains – which builds censorship-resistant websites – has released screenshots of a beta implementation of the new system. Today, it released another update where Reddit reveals more information about the blockchain system, including that it will run on Ethereum.
Reddit confirmed Decipher that he actually works on such a system, but with only one community in mind.
“We are constantly experimenting with ways to support communities on Reddit. In this case, we are working with a community to test a feature that represents a user’s involvement in a community. We value and seek feedback from the community as we continue to explore the features that engage our users and our communities, ”said a spokesperson.
How will Reddit points work?
The new information reveals the purpose of the blockchain-based system. “Points are a measure of reputation and contribution within a community. To highlight the most important members of a community, point balances will be displayed next to usernames on posts and comments in the subtitle, “explains the FAQ, according to the screenshots.
In this way, the points work in the same way as the current Karma system, where users get free Karma when their messages are updated. But in this case, the points will have a real value.
“Users can spend points on buying special subscriptions in their community. A special subscription unlocks exclusive features in the community,” he said, adding that this includes badges, animated emojis and GIFs.
It also indicates that when the points are spent, they will be destroyed. This is a tactic used by companies such as Binance, in the hopes that reducing the supply of the token will increase its price. Reddit seems to think the same way.
“The points are destroyed (” burned “), which increases everyone’s share. This ensures that the purchase of memberships rewards the community as a whole,” he said.
The screenshots also show that the Points will be used to vote on Reddit. Votes can be run where each person gets a vote, or weighted proportionally to their number of points.
How will users get Reddit points?
Reddit points will be distributed based on the amount of Karma a person has. And, like most ICOs, some of the points will go to the manufacturers. Reddit takes a 20% cut from new points, and Reddit moderators get a 10% share.
How Reddit points will be distributed. Image: Shutterstock.
The points will also have an economic policy similar to Bitcoin. The initial distribution will be 50 million points, with an additional 50 million points in the first year. Each year, the number of new points will decrease to a maximum total of 250 million points.
While Reddit said it only works on this project with one community, it’s a huge chunk over a long period of time for such a small subsection of the site. Is the plan part of something bigger?
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