Reddit has launched a waitlist, which officially launches the implementation of the Community Points project.
Community points will soon be on Reddit as they work
Waitlist was opened on official website. The form is very simple, asking the user for its details and in which subredit he would like to place points, including whether the moderator has, how many members he has and why he thinks community points would be good for the group.
Waitlist allows a limited number of users to preview this feature. In particular, moderators are required to participate in what Reddit calls a “cryptoexperiment.”
Community points will be used to strengthen communities by allowing creators to make money. Creators, in turn, will be able to spend community points by adding new features. The creators will be able to show their accumulated points, which will demonstrate their reputation. They will also be used for voting. Subredits will be able to generate votes and the voting system will give more weight to those who have the most points.
In Reddit’s view, they will also act as an incentive to publish quality content and serve as a reward. Finally, they can be personalized by name and symbol.
Community points will be on the ETH blockchain. For the social network, this will ensure that the reputation of the redditors goes far beyond Reddit, as it is tokenized on a blockchain. In addition, users will be able to see their Vault points, real wallets within Reddit.
Reddit will rely on Arbitrum to increase scalability.
Communities are returning to the spotlight
Community points will be used to bring communities back into the spotlight. Reddit describes it with a story: there were times when the Internet was a free place, then came places that looked like playgrounds, but in the end it turned out to be prisons that imprisoned users.
To become free again, we need the right tools to enable communities to regain independence. Users must have the freedom to express themselves, cooperate and decide on their future. The last chapter of this little story is:
“We believe in a new dawn for the Internet, which can be free again. We don’t have all the answers, but we believe that together we will find a way. “
Community points fit into this story and will serve as an incentive for this change.
“Communities are the lifeblood of the Internet. But on today’s Internet, they have no control over their own destiny. Instead, they are run by large platforms that keep all the power online. It’s time for a change. “
This is also Web 3.0.