Kryptodata

  • Market Cap: $2,729,657,140,970.49
  • 24h Vol: $92,941,729,584.89
  • BTC Dominance: 49.68%
Community Points, a blockchain-based rewards service on Reddit, to be phased out

Community Points, a blockchain-based rewards service on Reddit, to be phased out

– Reddit will be shutting down its blockchain-based rewards service, “Community Points,” on November 8 due to scalability concerns.

– The service, which rewarded users with points for positive engagement in certain subreddits, aimed to incentivize higher-quality content on the platform.

– The points were Ethereum-based ERC-20 tokens stored in Reddit’s in-house crypto wallet service, the “Reddit Vault.”

– Each subreddit had its own token, such as Moons (MOON) for r/CryptoCurrency and Bricks (BRICK) for r/FortNiteBR.

– Users could spend these points on badges and exclusive items for their avatars.

– The decision to shut down Community Points has disappointed and angered Reddit users and crypto enthusiasts.

– The value of the Reddit tokens MOON and BRICK significantly dropped following the announcement.

– Reddit users expressed their frustration, with some canceling their special memberships and vowing to never use the platform again.

Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.