Reddit Expands Cryptocurrency Issuance Opportunities for Subreddits
The largest social network Reddit is expanding features for its members to issue tokens.
Reddit’s management expanded the Reddit Community Points (RCPs) program. A new section was created for this purpose. Now individual subreddits and ordinary users, who are active in the community, can issue their own tokens.
The RCPs program was launched back in 2019 – then there were also tokens in the r/Ethtrader subreddit, called Donuts. In 2020, the r/Cryptocurrency and r/FortniteBR subreddits received their tokens named Moons and Bricks, respectively.
These tokens are supposed to act as economic incentives for users. They are issued on the Ethereum blockchain and have the ERC-20 standard. For a long time, they could not be exchanged for other cryptocurrencies, but in the fall of 2020, it became technically possible to exchange them through the xDai Chain, and they began to be traded on DEX Honeyswap.
As part of the RCPs program expansion, Reddit developers plan to issue new tokens on Ethereum layer two scaling solution Arbitrum. According to the developers’ idea, one of the key functions of such tokens is the ability to “take your reputation anywhere you want on the Internet.”