It can be hoarded and spent, just like Bitcoin, how to use the Reddit points that are being tested?
Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc)Editor's Note: This article comes from
Babbitt Information (ID: bitcoin8btc)
Babbitt Information (ID: bitcoin8btc)
, Author: Celia Wan & reddit, Compiler: Wendy, published with authorization.
Well-known online forum Reddit is testing two ethereum-based tokens that allow users to be rewarded for contributing content.
Reddit’s new program, called “Community Points,” currently consists of two tokens — $MOONS and $BRICKS — that will be distributed to members of /r/Cryptocurrency and /r/FortniteBR, respectively.
A Reddit spokesperson said:
“We are constantly experimenting and exploring features that engage users and the community. In terms of community points, we specifically partnered with two communities to test this feature and collect feedback from users.”
Reddit has also dedicated a webpage directing users to open "Vault" - a new platform for managing these tokens.
With Vault, users can view their tokens from multiple subreddits and follow prompts on the Reddit app to acquire and spend their tokens.
Both tokens use the ERC-20 standard, are issued on the Ethereum blockchain, and by creating a Vault, users effectively create new Ethereum wallets in which to store tokens.
Reddit says the tokens are currently in beta and will be in beta mode in summer 2020. Reddit mentions, “The smart contract and mobile app have been reviewed and audited by Trail of Bits, an independent security firm with blockchain expertise.”
The Vault page shows:
Meanwhile, Reddit users can use the tokens to vote, tip content creators and transfer money. The forum will also display users' token balances as a gauge of their trustworthiness. /r/Cryptocurrency and /r/FortniteBR have 1 million and 1.3 million subscribers, respectively.here。”
"To help identify potential vulnerabilities, Reddit has invited security researchers to help find vulnerabilities in Community Points. Interested developers and security researchers can visit
here
In order to answer questions related to community points, Reddit has sorted out some common questions and answers, as follows:
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What are Community Points?
Community Points are a way for Reddit users to get involved with their favorite communities. As a unit of ownership, points embody some value of the community. They can be spent on premium features and are used as a measure of community reputation.
your efforts should be rewarded
People earn points for their contributions to the community, such as by submitting high-quality posts and comments. Based on these contributions, the community ultimately decides how many points each person gets.
Points that can be stored and spent
Save your Community Points, or use them to access exclusive community features like badges, custom emoji, and gifs in comments.
Your Community Points are on the blockchain, independent of Reddit, and they are controlled only by you (just like Bitcoin!). Neither Reddit nor the moderators of the various boards can take away your points, nor can they decide what you should do. Everything is up to you.
For the community, chosen by the community
Community Points are a tool for the community to customize in their own way. They can choose the credit's name, image and how it will be used in the community. We look forward to working with the community to see what they can do with points.
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member
Community Points can be used to obtain a special membership in a certain sub-section. Obtaining membership gives access to several premium features:
Badges: Personalize your presence on subreddits and add a highlight effect to your username.
GIFs: Include GIFs directly in your Reddit comments.
When people spend community points, those points don't go to Reddit. Instead, these points are "burned" (destroyed). This allows others to score higher, rewarding the community as a whole.
People without Community Points can also purchase memberships with cash (USD). In this case, Reddit will burn some Community Points on their behalf.
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Tip & Transfer
Community Points can be gifted, tipped and transferred between users.
If someone writes a great article or comment, you can tip them points. Just click on their avatar or points balance and select the appropriate item from the menu.
send points
Community Points can also be transferred to other Reddit users as long as they have a Vault or Ethereum blockchain address.
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Credibility and voting
See who has the highest reputation
Now, it's hard to tell who contributed the most to a community based on username alone. User reputation is made more transparent by displaying community point balances next to usernames displayed in the comments section.
With great power comes great responsibility
In subreddits with community points, voting can have two outcomes:
Under normal counting, one member has one vote.
By giving weight to votes, Community Points allow the community to see what core contributors think about an issue or decision.
Vault
Can votes be bought?
Can't. To be fair, a person's weight in a vote is determined by the points he has earned. Even if they earn extra points from tips or transfers, they can never vote more than they actually earned themselves.
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The best way to view, spend and earn credits is from the Vault built into the Reddit app. Advanced users can use other Ethereum tools.
manage your points
From within your Vault, you can view your Community Points from multiple sub-sections, access the rewards you earn, and spend them on services like special memberships.
The story behind Vault
When a vault is created, it generates a public address and a private key. The public address is your address on the Ethereum blockchain where your Community Points are stored. Private keys are the only way to access and use Community Points.
If the private key is lost, you may lose the right to use the credits, so backup is very important. See Backup and Restore Options below.
Only you have control over your private keys. Reddit only knows your public address, we can check your balance and give you new credits. We cannot take your points or do anything to them without your express permission.
Points are public
Because points are stored on a public blockchain, your balance and transactions are public and tied to your Reddit username.
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backup and restore
Keeping your Community Points safe is critical, so we've created ways to protect them.
The private keys that control the Community Points are stored on your phone. This means if you don't have a backup and you lose your phone, you won't be able to access your points. (Not even Reddit can help you.)
Manually protect your Vault, generate 12 mnemonic phrases, which can be stored in a safe place, such as a password manager.
distribute
Never tell anyone your Vault password or your seed phrase. Reddit moderators don't ask you these questions either.
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distribute
Alright, now it's time to get into the details.
Community Points are distributed monthly based on people's contributions to the community. Reddit karma provides a basis for measuring contributions, but the final decision rests with the community.
make a list, double check
Every four weeks, Reddit posts a list of the karma each user has earned in the community during that time, as a suggestion score for their contribution. After this, the community has a week to review the list and propose any amendments, if needed.
To change, publish a new list and create a poll to get approval from the community. If the minimum number of votes is passed (voting with points), this becomes the official contribution point (except for major bribes). In the case of multiple votes, the one with the most votes will be used as the official result.
get your points
To earn points, a user's vault (or an external Ethereum wallet) sends their contribution points to a smart contract on the blockchain, which verifies and issues those points. Users have 6 months to apply for credits from the date of final data publication until the application expires.
Many ways to contribute
distributed over time
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Initially, 50 million points will be distributed based on Karma earned in the Reddit subreddit. Then, in the first year, an additional 50 million Community Points will be allocated. Over time, the number of credits allocated each cycle will continue to decrease so that the total will approach the cap of 250 million.
destroy
In addition to the regular distribution, half of the Community Points burned each month will be reintroduced into the next month's distribution. This helps to ensure that even after the maximum limit is reached, there are still new points to be allocated.
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on the blockchain
Community Points are based on the Ethereum blockchain, which uses similar technology to Bitcoin, ensuring ownership and control is in your hands.
Community Points are stored on the Ethereum blockchain as ERC-20 tokens, so they are interoperable with existing blockchain tools.
Community Points are held anonymously. Nothing on the Ethereum network is tied to your real name or identity.
How does it work?
Why Choose Ethereum Blockchain?
Ethereum is a multipurpose blockchain with smart contracts supporting programmable tokens such as community points.
How does it work?
On Ethereum, Community Points are run by a suite of smart contracts that manage balances, allocations/applications, and purchases of memberships. Smart contracts also leverage existing parts of the Ethereum ecosystem, such as the ERC-20 token standard.
The smart contract and mobile app have been reviewed and audited by Trail of Bits, an independent security firm with blockchain expertise.
What is gas and who pays for it?
Transactions on the Ethereum network cost "gas", which is a small representation of Ethereum's native cryptocurrency (Ethereum). Since most Reddit users do not yet have Ethereum, Reddit will pay for their gas via meta transactions and Gas Station. (This only applies to accessing Community Points using Reddit Vault. Using other Ethereum wallets may require users to pay for gas themselves). We plan to adopt better scaling and gas solutions in the future.
Which Ethereum network to use?
Bug Bounty/White Hat Programhere。
To help identify potential vulnerabilities, Reddit has enlisted security researchers to help find vulnerabilities on community points. Interested developers and security researchers can access
here
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What if someone rigs a vote?
