Reddit Set to Launch Ethereum-based Token for Subreddits

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Reddit Set to Launch Ethereum-based Token for Subreddits

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The internet has been a valuable tool for the propagation and advancement of several technological innovations, including the creation of the blockchain technology and cryptocurrency. Invariably, the advent of a cryptocurrency like Bitcoin paved the way for the development of more cryptocurrencies to be used for different purposes.

In 2005, Reddit was created, as a platform to aid the aggregation of web content and news aggregation. When members get registered on the platform, they can use the features on the platform to upload content like images, text, or links, and then the content gets voted down or up by members of the Reddit community.

After being in the internet business for a while, Reddit believes that the internet has morphed into an enclosed space where users are not free to do whatever they wanted; rather everything is either being censored, monitored or spied upon by big social media companies that rule the internet. The internet has become a cyber space where users are constantly under watch with a faux feeling of freedom. Reddit is one of the few social media networks that believes in the freedom of internet users, and thus, wants users to find a way to be in charge of their activities on the internet.

According to Reddit, the platform believes that with the right tools, internet users will be able to break free from the cyber prison, by reclaiming the internet via decentralization and thus rebuilding companies that are more independent, much better, and stronger than before. To achieve this, Reddit has taken the step to launch tokens that would be used by subreddits for different purposes. With the aid of these tokens, users will be able to enjoy the freedom of expression, as well as collaborate for decisions to be taken, among other amazing benefits.

It may interest you to know that there are more than 330 million active users, who belong to different subreddits. The platform has plans underway to launch Ethereum based tokens that will function as community points. There are two tokens that were unveiled by r/Cryptocurrency and r/FortNiteBR subreddits; $Moon and $Brick which is available on the Reddit platform. The tokens can be moved from the Reddit Vault to other wallets that are compatible with ERC-20 tokens.

These Reddit utility tokens will have different uses including digital rewards for contributions to the platform, voting rights, and privileges, special membership, badges, etc. The tokens will be given out according to the contributions of users on the platform, and the distribution will be based on the community’s decision.

The tokens will start getting distributed soon on the Rinkeby testnet (Ethereum) and will be in beta mode for a while before being moved to Ethereum’s mainnet. This development holds a lot of promise for users of the platform and is also a good way to help drive the mainstream adoption of cryptocurrency. Decentralization is the key to dealing with most of the flaws plaguing the internet, and it is nice to see a platform like Reddit doing something about it.

Updated 05:56 AM UTC+8, 16 May 2020
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Ken Karlo Staff
Ken Karlo Staff
Staff
 
A KenKarlo's staff that's responsible for publishing articles related to technology, press release, news, guest posts, and other category.
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