The use of the tokens will revolve around subreddit-specific digital rewards and rewards within the Reddit platform, including a "special membership" and voting privileges.
The US-American company Reddit, based in San Francisco, was founded in 2005 and currently generates a turnover of around 100 million US dollars annually. In addition, the group currently employs approximately 400 people. As reported by «Forbes» reported, the tokens will first be tested in two so-called "subreddits". These will bring the total number of members to around 2.4 million.
Tokens are based on the Ethereum standard ERC-20
The tokens, which were given the names «MOON» and «BRICK» by Reddit, will be tested via the subforums «r/Cryptocurrency» and «r/FortNiteBR». Tokens will be saved in the Reddit Vault, which corresponds to a wallet and is integrated directly into the Reddit Android and iOS app. Since the tokens are based on the Ethereum standard ERC-20, they can be moved to any Wallet like other native Ethereum tokens (as long as this ERC-20 is compatible). What is still unclear, however, is whether common crypto exchanges will support these coins.
According to the company, the tokens are primarily intended to provide a benefit to customers and enhance the customer experience. For example, they can be used as a reward for good content, or they can be used to grant «special memberships» or voting rights. The tokens are distributed based on comments and contributions. Karma (Reddit distributes karma points to its users for positive contributions) also plays a role in the distribution of the tokens.
Reddit users have greater affinity for technology
Reddit is home to a community with a fundamental interest in crypto-currencies. For example, there are countless English-language forums that deal exclusively with digital currencies, such as Bitcoin or Ethereum. The percentage of users with a technological interest is significantly higher at Reddit than at comparable portals such as Instagram, Twitter or Facebook. A study has shown, for example, that almost every second Reddit user has bought «consumer electronics» products in the last six months.