Social media portal Reddit has launched a new website for its Community Points beta program.
What Happened: The website opens the way for both users and moderators to register on a waitlist in order to utilize the Community Points feature.
“Community Points are the first step towards a different future for online communities,” Reddit said on the new website.
The points can be earned by users through eligible subreddits as they post or participate in discussions. The points have utility within the community as they are used for governance, but they can also be swapped for other cryptocurrencies or tokens outside of the community.
See Also: How To Buy Ethereum (ETH)
Why It Matters: In January, Reddit had announced a partnership with the Ethereum Foundation with the intent of accelerating progress on scaling and developing large-scale applications like Community Points on the platform.
In November, a Reddit engineer disclosed that 80,000 Reddit users are already testing Community Points on the r/cryptocurrency and r/FortNiteBR subreddits. The tokens are live on the Rinkeby testnet powered by the Arbitrum network — an Ethereum Layer 2 scaling solution.
Arbitrum was selected by Reddit in July after it held a “Scaling Bake-Off” as it was deemed decentralized, developer-friendly and capable of a broad ecosystem support.
On the Community Points website, Reddit highlighted the fact that while communities are “the lifeblood of the Internet” on present day internet they are not “in charge of their own destiny.”
“Instead, they are controlled by the large platforms that hold all the power online. It is time for a change.”
A recent job posting indicated that Reddit could potentially be planning a non fungible token marketplace.
Price Action: At press time, ETH traded 1.47% higher at $4,383.70 over 24 hours.
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