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Reddit Partners with Ethereum Foundation for Point System
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In either case, Reddit users can be rewarded for providing quality content to the site, and then the Ethereum -based tokens can be used to unlock additional features within the Reddit community—or swapped for other cryptocurrencies at an exchange. Reddit hopes to bring its crypto rewards to a much larger audience, however.
Reddit also partnered with The Ethereum Foundation this past January to work on open-source scaling solutions. Last month, Reddit announced that it will use Arbitrum , a layer-2 scaling solution that works atop Ethereum, to expand the Community Points program. That commits the data to Ethereum with massively reduced overall transaction fees.
Stay on top of crypto news, get daily updates in your inbox. Finally, the popular online discussion community appears ready to expand the initiative to a potentially much larger audience. The crypto points have value within each respective community and can be used to purchase features or engage in community governance, but they can also potentially be swapped for other cryptocurrencies or tokens at exchanges, or used for other external purposes.
Over time, your community will benefit from even greater control and independence—on and off of Reddit. All told, there are more than 3 million subreddits today. Ultimately, this past July, Reddit picked Ethereum layer-2 solution Arbitrum. When Reddit will ultimately launch Community Points on Arbitrum and scale the program remains to be seen, but the waitlist is the first big step forward in months. Reddit is also working on building an NFT marketplace , if a detailed job listing from October is any indication.
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