Social media portal Reddit has launched a new website for its Community Points beta program.
What happened: The website opens the way for both users and moderators to register in the waiting list in order to take advantage of the community points feature.
“Community Points is the first step toward a different future for online communities,” Reddit said on the new website.
Users can earn points with eligible subreddits while they post or participate in discussions. Points have a benefit within the community as they are used for governance, but they can also be exchanged for cryptocurrencies or other tokens outside the community.
See also: How to buy Ethereum (ETH)
why does it matter: In January, Reddit announced a partnership with the Ethereum Foundation aimed at accelerating progress in scaling and developing large-scale applications such as Community Points on the platform.
In November, a Reddit engineer revealed that 80,000 Reddit users are already testing community scores on the r/cryptocurrency and r/FortNiteBR subreddits. The tokens are on the Rinkeby testnet powered by the Arbitrum Network – an Ethereum Layer 2 scaling solution.
Arbitrum was chosen by Reddit in July after it held a “Scaling Bake-Off” as it was considered decentralized, developer friendly and able to support a broad ecosystem.
On the Community Points site, Reddit highlighted the fact that while communities are the “lifeblood of the Internet” on the Internet nowadays, they are not “responsible for their own destiny.”
“Instead, it is being controlled by the big platforms that have all the power on the Internet. It’s time for a change.”
A recent functional post indicated that Reddit is likely planning a non-fungible token market.
price movement: At the time of writing, ETH is up 1.47% at $4,383.70 in 24 hours.
read the following: Daily Crypto: It’s a V-shaped Redemption in Bitcoin Cards, Why Ethereum Is Rising Amid Bearish Sentiments And More