Reddit Launches Waitlist for Upcoming Ethereum-Based Crypto Rewards Programme ‘Community Points’

In a bid to allow more people to become part of its crypto rewards programme, social networking app Reddit has launched a new “Waitlist” feature. The new addition will enable Reddit users to mark their interest in the platform’s Ethereum-based crypto rewards initiative called “Community Points”. The programme gives Ethereum-based crypto tokens in exchange for a specific number of up-votes on posts that gets users “karma points”.

The Community Points programme — introduced on Reddit in December 2019 with the launch of token rewards called “Donuts” in the r/Ethtrader subreddits — is now being made available as an opt-in feature for subreddits across the platform. Users will also get an option to earn Community Points by adding contributions to a subreddit with insightful content that could gather up-votes. Another option of bagging Ethereum-based cryptocurrency tokens via Community Points is by volunteering to moderate the community, a report by CoinTelegraph said.

Both users and moderators are eligible to sign up for the ‘Waitlist” feature before the Community Points programme moves past its current beta phase and goes live.

The social-networking platform has advised beta testers of the Community Points feature to remain cautious since selling, exchanging, or trading these points for fiat currencies presently violate the site rules.

“Points can be lost or they may not be migrated over to the main Ethereum network,” Reddit has explained on its website.

Once the reward system rolls out for the users, the Ethereum-based tokens are likely to be able to be swapped, held, or traded on crypto trading platforms.

This initiative is Reddit’s pro-crypto stance at a time when the space is facing resistance from adoption from several nations.

On its website, the platform has invited “communities to break free of walled gardens and take ownership of their existence online”.

As per the website, the Reddit team believes that today people “are trapped inside apps and platforms, where they do not own or control anything of value. “This limitation makes them second-class citizens, unable to chart their own destiny on the Internet. It is time to put communities in their rightful place as the foundation of the Internet”.

Along with Reddit, other social-networking giants have also integrated elements validating the crypto space in their own ways.

Facebook, for instance, has been rebranded into “Meta” referring to the emerging world of the Metaverse, a 3D iteration of the Internet where cryptocurrencies and NFTs are likely to play a big role.

Twitter has also added a new Tip Jar feature that allows people to tips in Bitcoin to their favourite content creators.