Reddit Plans to Discontinue Ethereum-Based Rewards Program
Reddit is reportedly ending its Ethereum-based rewards program, Community Points, by next month. Community Points allow active users to earn ERC-20 tokens for their contributions and redeem them for special features. These tokens also serve as a measure of a user’s reputation within participating subreddits.
However, TechCrunch reports that Reddit has decided to phase out Community Points due to two main challenges. Firstly, the resources required to maintain the program are too high to justify. Secondly, the regulatory environment has added complexity to the project. Reddit’s director of consumer and product communications, Tim Rathschmidt, expressed gratitude towards the moderators and communities that supported Community Points but stated that the product is no longer scalable.
Transitioning to Other Incentive Systems
Since launching Community Points, Reddit has introduced other incentive programs such as the Contributor Program, which allows users to convert their Reddit gold and karma into cash. Moving forward, Reddit will focus on community rewards programs that are easier to scale and understand.
Hot Take: Reddit Bids Farewell to Community Points
Reddit’s decision to phase out its Ethereum-based rewards program, Community Points, highlights the challenges faced by platforms in implementing blockchain-based systems. While Community Points initially aimed to reward active users and promote community engagement, the program became unsustainable due to resource requirements and regulatory complexities. This move reflects Reddit’s commitment to exploring more scalable and user-friendly alternatives for incentivizing participation on its platform.
Daisy Hodley emerges as a luminary blending the roles of crypto analyst, devoted researcher, and editorial virtuoso into a harmonious symphony. In the realm of digital currencies, Daisy’s insights resonate with an exquisite resonance across a diverse spectrum of minds. Her adeptness in decoding intricate threads of crypto complexities seamlessly intertwines with her editorial finesse, translating intricacy into a captivating melody of understanding.