Reddit's ICO: What does it mean for Ethereum?
Editor's Note: This article comes fromBlue Fox Notes (ID: lanhubiji), reprinted by Odaily with authorization.
Editor's Note: This article comes from
Blue Fox Notes (ID: lanhubiji)
Not long ago, Blue Fox Notes talked about Reddit’s plan to launch its community token based on Ethereum, and things have progressed in the past two days. Reddit has already started preparing to issue two subreddit community tokens. They are currently in beta testing and the tokens are available on the Ethereum Rinkeby testnet. At the same time, its smart contracts and mobile applications have been audited by security companies. After testing, these tokens will be migrated to the Ethereum mainnet.
The names of these two tokens are $MOONS and $BRICKS, where $MOONS is the token issued on the sub-section /r/Cryptocurrency (encryption community), and $BRICKS is the sub-section /r/FortniteBR (game community) Tokens issued on Among them, /r/Cryptocurrency has more than 1 million users, while /r/FortniteBR has more than 1.26 million users. In the future, different tokens may be issued according to different sub-sectors. When it comes to "MOON", all users in the encryption community will naturally understand it.
image descriptionMOON Token》。
BRICK token
The initial issuance of community tokens on Reddit is different from most token (coin or token) issuances. It is different from Bitcoin issuing tokens through mining, and it is also different from many projects issuing tokens through financing. It issues tokens based on the contribution of users in the community, such as high-quality posts and comments made by users. Blue Fox Notes mentioned "
Simple understanding of Reddit's point currency
Judging from the section of the first experiment this time, it is the most logical way to start from the encryption community and the game community. For the encryption community, there is mostly no problem in creating and using Ethereum-based wallets first. The game sub-sector is also relatively familiar with the concept of virtual currency. From the experimental process of these two communities, accumulate more experience, and then promote it to other sub-sections of Reddit. Is it a bit like the development idea of "special zone"?
What is the use of $MOONS and $BRICKS
Buy Special Memberships
Special memberships get special badges, GIFs, GIFs embedded in comments, and more.
image description
- (1000MOON tokens to buy special memberships)
(Spend 500BRICK tokens to become a monthly supporter)
tip or send
reputation and voting
Voting has two results, ordinary one person one vote, and voting by token weight.
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How to get $MOONS and $BRICKS?
Through "Vault", users can view the number of tokens in different sub-sections, claim tokens, and spend tokens, similar to the currently commonly used ERC20 wallets. After the $MOONS and $BRICKS tokens are listed on the Ethereum mainnet, users can claim them in Vault.
The user creates a Vault address, essentially creating an Ethereum wallet, which can be used to store and spend ERC20 tokens.
The user controls the private key and mnemonic phrase of Vault. The user can export the wallet, use it on any Ethereum wallet, send it to anyone, or sell it for real money. It completely depends on the user's own needs.
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Distribution of $MOONS and $BRICKS
Users of the /r/Cryptocurrency and /r/FortniteBR subreddits on Reddit will receive initial tokens based on their community contributions, primarily based on the Karma users have earned to date. Each sub-section issued a total of 250 million tokens, of which Reddit received a part of the tokens of each sub-section, and a small part was rewarded to the community moderators who managed the sub-sections. 50 million tokens will be issued for the first time, and the remaining tokens will be distributed on a monthly basis. Its distribution is modeled after Bitcoin's diminishing mechanism. However, according to the needs of each community, each sub-section can adjust its token distribution mechanism as governance improves.
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The market capitalization of Reddit subreddits is measurable
Since each subsection of Reddit in the future can issue community tokens. These community tokens, in addition to purchasing membership, rewards, voting, etc. within the community, can also be used for transactions. If someone makes a market on Uniswap in the future, then this means that the value of each sub-section can be redeemed, and it can be converted into ETH and so on.
Maybe in the future, we can make a market capitalization ranking list of sub-sectors for Reddit.
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What would it mean if Reddit's experiment was successful?
Good for Ethereum.
Reddit has hundreds of millions of users. As a result, the encryption enlightenment of these users is not Bitcoin but Ethereum.
