• About
  • Contact Us
Sunday, August 7, 2022
Crypto Currency Financial
  • Home
  • Crypto News
  • Press Release
  • Blockchain
  • Cryptocurrency
  • NFT
  • Contact Us
No Result
View All Result
Crypto Currency Financial
No Result
View All Result
Home Crypto

Reddit Explains its Blockchain-based Point Rewards System

Max Steven by Max Steven
April 13, 2020
in Crypto
371 28
0
Reddit Explains its Blockchain-based Point Rewards System
548
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter

Reddit is working actively on its Blockchain-based points system, and it has revealed more details about the same. A Reddit user named Magocrypto has posted a video on Reddit, which reveals important information about the platform’s blockchain-oriented rewards system, including the fact that it will be powered by the Ethereum Blockchain. 

In an interview with the crypto news platform Decrypt, a Reddit spokesperson confirmed the news stating, “We continuously experiment with ways to support communities on Reddit. In this instance, we’re working with one community to test a feature that represents a user’s involvement in a community. We value and seek out community feedback as we continue to explore features that engage our users and communities,”

More about Reddit Points

Reddit clarified that the points are a way to value a user’s contribution within a community. Point balances will be displayed alongside user names on posts and comments. This is meant to highlight the most important members of a particular community. 

To date, Reddit offered free Karma to those whose posts were upvoted. However, the implementation of the points system will instill real value, as users will be able to use these points to buy Special Memberships, which will, in turn, unlock a number of features like GIFs, emojis, etc.  

Furthermore, every time a point is spent, it will be destroyed. This is somewhat similar to the Token Burning Mechanism that is used to increase the value of tokens by reducing supply. In this case, as well, burnt points will mean that the shares of other point holders increase. Reddit says that this system is a way to benefit the entire community as a whole. 

These points will be distributed based on the number of karma a user has. Reddit will charge 20% of new pits, out of which 10% will be offered to Reddit moderators. Initially, 50 million coins will be up for distribution, and another 50 million will be added in the first year. The total points in circulation will have a cap of 250 million. 

Tags: BlockchainbasedexplainsPointRedditRewardsSystem
Max Steven

Max Steven

Max has keen interest in what cryptocurrencies have to offer in regards to NGO’s, governments and the financial system.

Related Posts

Cryptocurrency Exchanges with Margin Trading and Leverage Level

Cryptocurrency Exchanges with Margin Trading and Leverage Level

July 12, 2022
RLD.DAO’s ambition: to be a revolutionary presence in the crypto

RLD.DAO’s ambition: to be a revolutionary presence in the crypto

June 27, 2022
8DAO: Asia’s first Social DAO, using social capital to build a Web3 ecosystem

8DAO: Asia’s first Social DAO, using social capital to build a Web3 ecosystem

June 18, 2022
KCC Opens Validator Election, 100% of the KCC Gas Fee Allocated To Active Validators

KCC Opens Validator Election, 100% of the KCC Gas Fee Allocated To Active Validators

June 16, 2022

Coinhub AI quantitative trading leads the new wave of crypto, with user data up over 200% in Q2

June 15, 2022
Award-Winning Projects of the $1,000,000 KCC Unicorn Contest

Award-Winning Projects of the $1,000,000 KCC Unicorn Contest

May 28, 2022

Trending

WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?
Press Release

WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?

2 days ago
Pando Asset Lists First Crypto ETP on SIX Swiss Exchange
Press Release

Pando Asset Lists First Crypto ETP on SIX Swiss Exchange

4 days ago
BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities
Press Release

BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities

1 week ago
New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets
Press Release

New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets

2 weeks ago
FAMEEX Promises Considerate Approaches to Purse Regulatory Compliance and Protect the Interests of Traders
Press Release

FAMEEX Promises Considerate Approaches to Purse Regulatory Compliance and Protect the Interests of Traders

3 weeks ago

Recent Post

  • WHAT IS VERSAILLES HEROES & HOW TO PLAY-TO-EARN?
  • Pando Asset Lists First Crypto ETP on SIX Swiss Exchange
  • BIB Exchange, The Revolutionary Force Towards Crypto Trading Opportunities
  • New reserve cryptocurrency protocol, PLUTO launches on Waves Blockchain claiming to beat bear markets
  • FAMEEX Promises Considerate Approaches to Purse Regulatory Compliance and Protect the Interests of Traders
  • Cryptocurrency Exchanges with Margin Trading and Leverage Level
  • Infiblue: Building the most fun GameFi ecosystem on the market

Categories

  • AI Trading
  • Axia
  • Bitcoin
  • Blockchain
  • Blockchain News
  • Business
  • Crypto
  • Crypto News
  • Cryptocurrency
  • Cryptonews
  • Cryptos
  • Deepcoin
  • Gaming
  • Guest Post
  • ICO
  • Metaverse
  • News
  • NFT
  • Press Release
  • Technology
  • Tezro
  • Token
  • Trading
  • TRADING GUIDES
  • Wallets

Tags

2020 Announces Betting Bitcoin blockchain Brides cannabis Casino Casinos Colorado Content coronavirus Covid19 crypto Cryptocurrency Currency Deal financial foreign Gambling Games Gaming Group Launch Launches live marijuana market Online Partners Partnership Play pot Pragmatic Red reports revenue Simple Slot Slots Solutions Sports Supply unveils William

About

The cryptocurrencyfinancial publishes regular news, analysis and opinion pieces on the latest developments in this fast-moving space. We offer the latest crypto news, expert pricing analysis and insight on the latest ICO's.

Contact Us: [email protected]

  • About
  • Contact Us

Associated with Blockchain Press Media Network

No Result
View All Result
  • Home
  • Blockchain
  • Crypto
  • News
  • Press Release
  • Price Analysis

Associated with Blockchain Press Media Network

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)
    $47,760.000.100% 24H
    BITCOIN
    24H : 0.100%
    Volume : $25,691,746,641.00
    Marketcap : $902,767,395,534.00
  • ethereumEthereum(ETH)
    $3,750.30-0.42% 24H
    ETHEREUM
    24H : -0.42%
    Volume : $15,543,537,817.00
    Marketcap : $446,191,570,291.00
  • binancecoinBinance Coin(BNB)
    $523.71-0.25% 24H
    BINANCE COIN
    24H : -0.25%
    Volume : $1,715,282,504.00
    Marketcap : $88,112,540,019.00
  • tetherTether(USDT)
    $1.0000.050% 24H
    TETHER
    24H : 0.050%
    Volume : $52,703,800,023.00
    Marketcap : $78,519,198,598.00
  • solanaSolana(SOL)
    $175.020.210% 24H
    SOLANA
    24H : 0.210%
    Volume : $1,660,210,957.00
    Marketcap : $54,115,741,275.00