Reddit Ethereum-Based Point System Enters Beta Testing

By May 13, 2020Ethereum
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  • Reddit’s hyped Ethereum-based point system rolls into public beta.
  • Every predict community has its own version of points (r/cryptocurrency has “Moons” and r/FortniteBR has “Bricks”

Over one month ago, a Reddit user shared a video of a new Ethereum-based point system. The video quickly gained traction and as picked up by major media outlets. However, until today there has been relative silence over the development of the project.

The new point system launched its beta today, and The Crypto Associate tried it first-hand.

The Crypto Associate Reddit

The new points system rewards contributors with special points located on the blockchain. These points have different uses per the community they are meant for. In r/CryptoCurrency, Moons ” can be used to display reputation within the subreddit, unlock exclusive features like badges and GIFs in comments with a Special Membership, and add weight to votes in polls.”

The current reward is a 1000 Moon/month membership that gives buys exclusive badges, usernames, and more. We have purchased the membership, so head over to our reddit to see it in action.

The points utilize the Ethereum blockchain as an ERC-20 token on the Rinkeby testnet. The beta is expected to continue through summer 2020, when the points will migrate over the Ethereum mainnet.

The Crypto Associate Reddit

The point system allows users to receive and transfer points via the Rinkeby network. Users are distributed Moons based on the karma they received for contributing to r/CryptoCurrency. We received over 6,900 Moons. The transaction confirmed quickly and the balance is now available.

The Crypto Associate Reddit

Within the Vault UI (user interface), users can click the “three dots” to view their recovery phase and public wallet address on the Rinkeby testnet. The recovery phase allows users to retain access to their funds in case they lose their phone or password.

The balance can be confirmed via the Rinkeby testnet explorer. Our address shows a balance of 6,976 Moons.

Distribution Schedule
Distribution Schedule, Source: r/Cryptocurrency

With the maximum supply being one of the core factors of a cryptocurrency, r/CryptoCurrency’s Moons does not fall short. The maximum supply of Moons will be 250 million, with over 50 million Moons already distributed. The distribution rate will decrease by 2.5% every month.

Reddit’s decision to create a blockchain-based point system is a testament to the growing adoption of cryptocurrency and blockchain technology.

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Every predict community has its own version of points (r/cryptocurrency has “Moons” and r/FortniteBR has “Bricks”

Over one month ago, […]

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