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New feature on Reddit could push Ethereum price to new highs

  • Reddit has launched a new experiment where so-called “Community Points” can be collected and redeemed to enjoy unlocked benefits on the platform.
  • The community points will probably be stored using Ethereum’s ERC-20 token standard.

The social media platform Reddit is one of the largest websites worldwide and is also a popular contact point for crypto enthusiasts for current discussions and updates on the respective projects. Currently, a viral video of the user “MagoCrypto” is causing a stir on the platform.

Reddit experiments with new loyalty point system

The video released on Wednesday shows the use of his Reddit app on the Android system. The integrated wallet is connected to an Ethereum address as well as to a new, previously unknown point collection system. After some queries, a company spokesman of Redit announced that the platform is working on a new community project where users can collect loyalty points “community points”, which can then be redeemed for certain actions.

httpss://www.reddit.com/r/CryptoCurrency/comments/fyda25/update_reddits_blockchainbased_points_system/?ref=share&ref_source=embed&utm_content=title&utm_medium=post_embed&utm_name=249ec0239ef2467da859cdd0843ddc49&utm_source=embedly&utm_term=fyda25

According to the latest information, the community points are stored using Ethereum’s ERC-20 token standard, but there is no final confirmation from Reddit whether Ethereum will be used in the final version. The company spokesperson said:

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.

Reddit has already had an internal points system for a long time, which collects points in the form of karma, so it might be possible to replace the Reddit this system with the new project under test. The new points system, if based on Ethereum’s ERC-20 standard, would be beyond Reddit’s influence, as all ownership and control of the blockchain is decentralized.

The video of MagoCrypto further explains that the new function automatically creates a public ETH address and the private keys when the Reddit app is installed or opened for the first time. The private key will continue to be known only to the user himself and should offer the same security as using a mobile wallet. However, it remains to be seen whether all rumours will actually come true.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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