Reddit has added a new “Waitlist” function to its social networking app in order to allow more individuals to participate in its bitcoin rewards program. Reddit users will be able to express their interest in the platform’s Ethereum-based crypto rewards project, dubbed “Community Points,” via the new feature. The initiative rewards users with Ethereum-based crypto tokens in return for a certain amount of up-votes on their posts, which are referred to as “karma points.”
The Community Points program, which began with the debut of token awards called “Donuts” in the r/Ethtrader subreddits on Reddit in December 2019, is now available as an opt-in option for subreddits throughout the network. Users will also have the option of earning Community Points by contributing to a subreddit with useful material that will likely receive upvotes.
Volunteering to monitor the community is another way to earn Ethereum-based cryptocurrency tokens via Community Points, according to a CoinTelegraph report.
Before the Community Points program progresses past its current testing phase and goes live, both users and moderators are eligible to sign up for the “Waitlist” function.
The social-networking platform has warned Community Points, beta users, to be cautious, as selling, swapping, or trading these points for fiat money is now against the site’s regulations.
“Points may be lost or may not be moved over to the main Ethereum network,” according to Reddit’s website.
The Ethereum-based tokens are anticipated to be able to be swapped, kept, or traded on crypto trading platforms after the incentive system is implemented for users.
This campaign represents Reddit’s pro-crypto position at a time when the technology is encountering hostility from a number of countries.
The platform encourages “groups to break free of walled gardens and take responsibility of their online lives” on its website.
The Reddit crew feels that today’s individuals are “locked inside applications and platforms, where they do not own or control anything of value,” according to the website. “Because of this restriction, they are treated as second-class citizens on the Internet, unable to direct their own fate.” It’s past time to restore communities to their proper role as the Internet’s basis.”
Other social-networking behemoths, like Reddit, have incorporated features validating the crypto sector in their own unique ways.
For example, Facebook has been renamed as “Meta,” a reference to the Metaverse, a 3D version of the Internet in which cryptocurrencies and NFTs are expected to play a significant role.
Twitter has also implemented a new Pay Jar function, which allows users to tip their favorite content providers with Bitcoin.