Reddit is all set to introduce 2 new ETH-based Tokens as a Reward
Alexis Ohanian the cofounder of the website revealed that they were beta testing two different Ethereum-based virtual assets for users. These tokens are intended to serve as reward systems for users who post content to Reddit.
Reddit introduces $MOONS and $BRICKS Tokens
Reddit stated that the decision to launch the two tokens as part of a routine experiment to improve the ecosystem. Two tokens called $MOONS and $BRICKS will be available to members of the subreddits / r / Cryptocurrency and / r / Fortnite BR.
These subreddits will be part of Reddit’s new venture known as “Community Points.” Engaging subreddits like Fornite was a move to bring in millions of more people into the nascent cryptocurrency world.
Interestingly, $MOONS and $BRICKS can be used to to vote, transfer funds and tip content creators without the difficulty of tracking different entities.
In order to ensure that transparency is maintained, the members of Reddit will be able to see each other’s token balances. This move was initiated to block any kind of illegal activity or phishing on the website.
However, The tokens are available on those specific subreddits on the new Reddit theme and in the app. Users will be able to access the tokens in their Reddit “vault” , an in-app ERC20 wallet available on both iOS and Android.
Reddit is also on verge fo Introducing a Vault
Moreover, Reddit is also expected to launch a native asset management platform called Vault. According to the Reddit website, the Vault was a way for Reddit users to function as one, building a diverse and exclusive culture.
Vault was developed after Reddit found that certain groups had been cut off from others, hindering collaboration and creativity.
Both Vault and the two tokens will be checked by Reddit and Trail of Bits over the summer. The Social Media Platform reported that Trail of Bits was an independent security company with blockchain experience to analyze smart contracts and mobile applications.
The announcement definitely delighted at the cryptocurrency community because of the positive effect it might have on future industries. Ethereum also witnessed a small increase in its price post announcements, but this may have been helped by the ongoing market bull run.
At the time of the press, Ethereum traded $199.1 with a total market cap of $22.1 billion. The 24-hour market volume had increased to $18.15 billion after a 4 percent price hike over the previous day.