Reddit to begin exploring a tokenized points system

According to a user post, Reddit is looking into implementing an ERC-20 token for Community Points that represent ownership of a subreddit. They will be distributed to users every four weeks based on a user's contributions with comments and posts. Points can be used in a variety of ways depending on the subreddit but will include special membership and exclusive features such as badges, gifs, stickers. Once Points are used they are permanently burned, and if a user without Points wants to buy membership they can pay Reddit with dollars who will then burn tokens on their behalf.

Why it matters

• Reddit is one of the most popular social media websites with over 400 million users. By introducing an ERC-20 token it will introduce this massive userbase to the Ethereum ecosystem, forcing them to learn about wallet management, making them more comfortable with public/private keys and recovery phrases. Even if a small percentage of these users begin to explore options other uses with their new wallet, it could bring a large influx of new users into other dApps on Etherum.
• While somewhat similar to existing Karma, the new Point system will offer a new means of interaction with the platform. They are entirely owned by the users and can be freely traded which opens up a multitude of future uses that were otherwise not impossible.

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