Reddit creates its own crypto coin, but doesn't want anyone trading it

Reddit has launched the wait-list for a new optional feature called 'Community Points' that will be coming to the website.

1 minute & 16 seconds read time

Reddit has jumped into the world of cryptocurrency with a new optional program called "Community Points", which is currently being run on the Ethereum blockchain.

Reddit creates its own crypto coin, but doesn't want anyone trading it 01

Reddit has announced a wait-list for the upcoming expansion, which will entail Redditors gaining Community Points for participating in their respective communities. Points can be gained by uploading content that is deemed valuable by the community or volunteering to moderate the community. The new program is currently running on the Rinkeby testnet version of the Ethereum blockchain, but there are plans to migrate it over to the Ethereum mainnet eventually.

Any subreddit that chooses to participate in the program will get "Special Memberships" enabled, which can then be purchased with Community Points by users. Special Memberships include unlocks such as badges, GIFs, animated emojis, and more. Additionally, the program includes a "weighted polls" feature that will enable devoted community members with high Community Points to have a larger voice in the subreddit.

"Community Points are a measure of reputation in your community. In the subreddit, they are displayed next to usernames, so the biggest contributors stand out from the crowd," writes the website.

The program is currently in beta phase, and Reddit has banned any trading, selling, or buying of Community Points. While Reddit has warned against trading the tokens, when the program is migrated to the Ethereum mainnet, the tokens will likely be swapped or sold just like every other token on the ERC-20 network.

"This kind of behavior is very risky while Points are on a testnet - Points can be lost or they may not be migrated over to the main Ethereum network," stated Reddit.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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