Discussions Platform Reddit is pushing ahead with the launch of a token that will serve its social network of at least 430 million users. Last month, Reddit launched a community rewards system, bringing at least 20 million users to ERC-20-based community tokens. The rewards system, dubbed “community points,” will award ERC-20 tokens to contributors for doing small things such as posting or commenting.
Initial Plan was to Onboard Subreddits r/Cryptocurrency and r/FortniteBR
At first, the community points were only partially targeted by a section of the cryptoverse community on the platform, with only 20 million users from both subreddits r / Cryptocurrency and r / FortniteBR. According to a press release published yesterday, Reddit has announced a new goal of scaling up its community reward points system to 430 million active monthly users.
Community Points are different and different from existing in-game Points or rewards because they are available as a real digital currency that runs on the Ethereum blockchain. As a matter of fact, Reddit is betting its odds, for community points, on r / Ethereum subreddit users that prides a following of more than 466,000 subscribers.
A Scaling Solution for Reddit Community Points is Imminent
On the other hand the scaling solution will have to accommodate millions of users; and would take the formula of housing at least 100,000 community points; 100,000 transfers; 25,000 substitutions and 75,000 one-ff points burning. All of which, the developers are scheduling to take place within the space of only five days.
In partnership with Ethereum, the social platform urged developers and community members to propose suitable scaling solutions; that have the ability of integrating community points on the Ethereum mainnet. The submissions proposal encouraged any submissions to revolve around decentralization, usability and scalability.
Reddit is not the first social media platform to execute a cryptocurrency plan. Much has been done by social media giant Facebook ahead of its much anticipated Libra coin; while on the other hand Messaging LLC- Telegram just scrapped its plans of issuing a digital token across its platform.
The messaging platform put a full stop to its plan following massive regulatory battles with authorities.