Reddit Closes Chapter on Blockchain-Driven Community Points

Reddit Closes Chapter on Blockchain-Driven Community Points



Recently, Reddit made headlines by deciding to put an end to its blockchain-backed rewards initiative, Community Points. As initially reported by TechCrunch, the major barriers to this decision were the complexities of regulations and the hurdles of scalability.



Introduced in 2020, the purpose of the Community Points initiative was to award and motivate user interactions in particular subreddits. These rewards were up for grabs for actions like securing significant upvotes on posts or comments, which fostered a positive community spirit.



However, these points were not mere digital scores. They existed as ERC-20 tokens and were stored in Reddit’s exclusive cryptocurrency storage solution, the Reddit Vault. Holders of Community Points had the flexibility to utilize them in diverse ways, such as exchanging them for unique emojis or b


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#Blockchain, #CommunityPoints, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #News, #Reddit, #Regulations

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