What is the point token issued by Reddit based on Ethereum? Why issue point tokens?
Editor's Note: This article comes fromUnitimes（ID：Uni-times）Editor's Note: This article comes from
, Author: Magomet Tsanajev, Compiler: Jhonny, published with permission.
Key points summary👇👇
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What are Reddit Community Points?
An ERC-20 compliant token based on the Ethereum blockchain;
Represents ownership of a subreddit community;
Used to measure reputation and contribution in a community;
Can be used in different ways depending on the different cultures of the community.
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Distribution and Earning of Points
Initially 50 million points will be allocated based on all historical contributions a user has made to date on a subreddit. Then in the following first year, another 50 million points will be distributed.
In the next distribution cycle, the distribution of points will decrease towards the upper limit of 25 million points.
Some share of credits will be reserved for those who contribute to the community in other ways, such as Mods (10%), Reddit Official (20%), and another 20% will be reserved for the wider Reddit community. [Remarks: Mod means Moderator, which means the manager of a subreddit]
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spend points
Users can use points to purchase special memberships and get exclusive features in the community, such as badges, posting gifs, stickers, and animated expressions.
Points spent by users will be destroyed and removed from circulation.
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Vote & Karma Value
It will be common to reach consensus through voting within the community;
The user's weight in the vote will be based on the user's contribution in the community;
Users still earn Karma values through upvotes (likes), but now Karma values have also become an important indicator of users’ weight in voting and earning points; [Note: Karma values are the scores users get on Reddit, which means The value of the links or comments posted in the community also represents the user's level in Reddit. The more likes a user posts and comments, the higher the Karma value]
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What are Community Points?
What are Community Points?
Community Points are a brand new tool to represent ownership of a subreddit.
Earn Community Points every month for posting and commenting on reddit. Points can be used in a variety of ways, including buying memberships and weighting votes. Points balances are also displayed next to usernames as a form of reputation visible to everyone.
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reputation
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membership
membership
Users can use points to purchase memberships in their communities. A special membership will unlock features exclusive to that community, specifically:
Badges: Icons and images displayed next to usernames in posts and comments;
Animated emoticons: use custom animations in comments;
GIF images: Use GIF images from Giphy in comments; [Note: Giphy is an online animated GIF image search engine]
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vote
vote
The weight of users in voting will be measured according to the points of participating users. This ensures that the user's influence in the community must be obtained by earning points, and no one can obtain points in other ways to affect the weight of votes.
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distribution of points
Community Points will be distributed each month based on user contributions to the subreddit.
Every four weeks, Reddit will publish a list showing how much Karma (aka contribution) each user has earned on a subreddit during that time period. The community has one week to review the list and propose changes or replacements to the list as needed. The community can do this by creating a new list with a vote. If the vote meets the minimum quorum requirement and passes, that new list becomes the official contribution of the user for that period of time (unless there is evidence of fraud in the vote, such as bribery).
Once contributions are finalized, Reddit will publish the final checklist, signed by everyone who has created a wallet. This signature is used for users to claim points on the blockchain. For users who have not registered a wallet, Reddit will sign the user's Karma value immediately after the user registers the wallet. After the final list is released, users will have 6 months to claim their points or they will expire.
Additionally, there is a portion of points reserved for those who contribute to the community in other ways. Mods (Community Moderators) will receive a 10% share of points for their moderation contributions to the subreddit; Reddit Officials will receive 20%; and the other 20% will be reserved for the wider Reddit community.
Over time, the number of credits allocated per cycle will decrease towards a maximum value. There will be an initial distribution of 50 million points, which will be distributed based on the user's Karma as of now; an additional 50 million points will then be distributed within the following first year. The amount of points distributed will continue to decrease over time, bringing the total number of points distributed to nearly 25 million.
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wallet
wallet"There's a new section in the Reddit app called "Wallet
(Wallet), where users can manage and use their points. In your Wallet, you can check your points balance for each subreddit. You can also claim any points you've earned and use them to purchase things like Special Memberships.
Only you have control over your private key. Not even Reddit can get your private key. Reddit only knows your public address (so Reddit can check your points balance and issue new points to it), but Reddit won't do anything with your points without your explicit permission.
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Wallet Backup and Restoration
Your Wallet key will only be stored on your device. This means that if you lose your device, your Wallet and all your points may be lost. Not even Reddit can restore them.
To prevent this from happening, you can back up your Wallet in two ways:
Save Wallet's mnemonic phrase. The wallet mnemonic consists of 12 words and is used to restore your wallet. We encourage users to store the seed phrase in a safe place where others cannot get it, such as a password manager.
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on chain
The Ethereum blockchain is a public blockchain that Reddit does not control, which means that your Community Points can be viewed and used independently of Reddit, and you don't need permission from Reddit to use them. Points will be owned anonymously. No action on the Ethereum blockchain will be linked to your real-life name and identity.
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How do points differ from Karma values?
Community Points are a decentralized blockchain token that represents ownership of a community. Points are stored outside of Reddit, they are freely tradeable, and can be used for any purpose within the community, independent of Reddit's restrictions or controls. If the Reddit platform ceases to operate, or if a community leaves Reddit, the Community Points will continue to exist.
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vote manipulation
Reddit's site policies strictly prohibit vote manipulation, and we have a dedicated team and technology in place to detect and mitigate issues of spam and abuse. Users who attempt to manipulate votes may be temporarily or permanently banned from a subreddit and/or Reddit.
Regarding points, specifically, any user banned from Reddit or a subreddit will no longer be awarded Community Points in future point distributions. If a user is behaving maliciously, but has not been permanently banned, the community can still vote on an updated Karma CSV listing, thereby making changes to the allocation of that Community Points. This enables the community to take corrective action on points earned through malicious means.
