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Reddit Introduces ETH-Based Community Points Beta Program With Custom Tokens for Subreddits – Bitcoin News

The favored discussion board and information aggregation net portal Reddit has revealed the agency’s Group Factors beta program the place Reddit customers can “personal a bit” of their group with “customized tokens” for subreddits.

Blockchain-Backed Reddit Group Factors: ‘The First Step In the direction of a Totally different Future for On-line Communities’

On the finish of July, Reddit introduced that the platform’s Group Factors system would leverage the Layer 2 (L2) protocol Arbitrum. This week, Reddit revealed a brand new web site that options the Community Points beta program, which says that Reddit patrons will be capable to leverage native crypto property tethered to distinctive subreddits. On the time of writing, there’s a waitlist and customers can sign-up via a form Reddit created.

“Group Factors are step one in direction of a distinct future for on-line communities,” Reddit’s description of the brand new beta program notes. “These tokens dwell on the blockchain, which implies they’re really owned by the group. Over time, your group will profit from even higher management and independence… on and off of Reddit.”

Reddit says that customers can “Earn one thing useful for all of the hours you set into your group, [and] unlock particular options.” Redditors can “purchase group options with Group Factors, like particular memberships and awards, [and] encourage higher content material and dialog,” the corporate particulars. Moreover, Redditors can use polls and methods to determine the Group Factors distribution course of. Reddit’s web site provides:

Every subreddit creates its personal Group Factors token, with a customized identify and image.

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Cryptocurrency Subreddit Likes the Group Factors Idea, Most Widespread Bitcoin Subreddit Might Not Be Too Keen on Ethereum-Based mostly Subreddit Tokens

As well as, Reddit says that folks can “personal” their repute because the factors system might be a “measure of repute” in a sure group. “Within the subreddit, they’re displayed subsequent to usernames, so the largest contributors stand out from the group,” Reddit explains. Group Factors have been discussed in specific forums just like the subreddit r/cryptocurrency and a large number of the subreddit’s subscribers appreciated the thought.

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Will probably be fascinating to see whether or not or not r/bitcoin implements a Group Factors token as discussions of other crypto property are banned from that subreddit. Furthermore, many r/bitcoin subscribers aren’t too keen on the blockchain Ethereum so utilizing it for a Group Factors system could possibly be thought-about hypocritical. It’s secure to say that many different crypto and non-crypto-related boards on Reddit will possible don’t have any points utilizing the Ethereum-based Group Factors program.

Tags on this story
Arbitrum, Bitcoin, group factors, Group Factors system, Crypto, ETH-Based mostly, ether, Ethereum, L2, layer 2, r/bitcoin, r/Cryptocurrency, Reddit, Reddit Firm, Reddit Tokens, Subreddit Tokens

What do you concentrate on Reddit introducing the brand new Group Factors program the place subreddits will be capable to create their very own customized tokens? Tell us what you concentrate on this topic within the feedback part under.

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