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Community Points, the blockchain-based rewards service on Reddit, to be phased out

Community Points, the blockchain-based rewards service on Reddit, to be phased out

Reddit to Shut Down Community Points Feature Citing Scalability Concerns

– Reddit has announced that it will be shutting down its blockchain-based rewards service, “Community Points,” on November 8th.

– The decision was made due to scalability issues, with no viable path to scale the feature across the platform.

– Community Points, which rewarded users with points for positive engagement in certain subreddits, aimed to incentivize higher-quality content.

– The points were Ethereum-based ERC-20 tokens stored in Reddit’s in-house crypto wallet service, the “Reddit Vault.”

– Each subreddit had its own token, such as Moons (MOON) for r/CryptoCurrency and Bricks (BRICK) for r/FortNiteBR.

– Users could spend these points on badges and exclusive items for their avatars.

– The decision has led to disappointment and anger among Reddit users and crypto enthusiasts, with the value of MOON and BRICK tokens plummeting.

– Reddit clarified that users’ tokens will not be burned and transfer functionality will remain active.

– The move has been criticized by some users, with one stating they will no longer use the platform and hoping those responsible “rots in hell.”

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