Reddit to launch Ethereum-based tokens for cryptocurrency and Fortnite subreddits

Reddit, the popular online forum, is beta testing two Ethereum-based tokens for users to earn rewards for contributing content, The Block has learned.

The two tokens, one named $MOONS and other $BRICKS, will be issued to members of the subreddits /r/Cryptocurrency and /r/FortniteBR, respectively, as part of Reddit’s new initiative called “Community Points.”

“We continuously run experiments to explore features that engage our users and communities. With Community Points, we’re working exclusively with two communities to test this feature and gather feedback from our users,” a Reddit spokesperson told The Block.

Reddit also now has a webpage that guides users to open “Vault,” a new platform to manage these tokens.

With Vault, users can view their tokens from multiple subreddits and claim and spend their points, according to a prompt on Reddit’s mobile app.

Both tokens will be ERC-20 tokens issued on the Ethereum blockchain, and by creating Vault, users essentially create new Ethereum wallets where tokens can be stored.

According to Reddit, the tokens are currently in beta and it will be under the testing mode through summer 2020. Reddit said that “the smart contracts and mobile apps have been reviewed and audited by Trail of Bits, an independent security firm with blockchain expertise.”

“Community Points are currently in beta (through summer 2020). During that time, they will be on the Rinkeby testnet, and balances, transactions, and memberships may be reset,” the Vault page explains. “After the feature leaves beta, Community Points will be migrated to the Ethereum mainnet. Points balances will be carried over (though will need to be reclaimed).”

Meanwhile, Reddit members can use the tokens to vote, tip content creators, and transfer funds. The forum will also display users’ token balances as a way to measure their credibility. /r/Cryptocurrency and /r/FortniteBR have 1 million and 1.3 million members, respectively.

The social media platform also encouraged people to pitch in on the effort, including the sourcing of bugs.

“To help identify potential bugs, Reddit is inviting security researchers to assist in finding vulnerabilities in Community Points. Interested developers and security researchers should visit https://www.reddit.com/wiki/whitehat,” the page explained.

This report has been updated for clarity and with additional information.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Reddit to launch Ethereum-based tokens for cryptocurrency and Fortnite subreddits written by Celia Wan @ https://www.theblockcrypto.com/linked/65178/reddit-launches-ethereum-based-tokens-for-cryptocurrency-and-fortnite-subreddits?utm_source=rss&utm_medium=rss May 14, 2020 Celia Wan

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