According to a post on Reddit by a member of its Community team, the social platform will put an end to its cryptocurrency project, Community Points, due to difficulty scaling it.
According to the post on r/CryptoCurrency by the user u/cozy__sheets , the regulatory environment has added to scalability limitations.
“We recently made the decision to sunset the Community Points beta, including Special Memberships, by November 8 [2023]. At that point, you’ll also no longer see Points in your Reddit Vault nor earn any more Points in your communities. Though we saw some future opportunities for Community Points, there was no path to scale it broadly across the platform.”
Launched in 2020, Community Points, built on the Ethereum blockchain, is a reward program that lets users earn points for contributing to the community. This is in addition to Karma points that users get for their longevity and popularity on the platform.
Community Points are digitally represented as tokens on the blockchain whereby one Community Point on Reddit is mirrored by one Community Point on the Ethereum blockchain.
- In the r/Cryptocurrency subreddit, the points come in the form of Moon tokens
- In the Ir/FortNiteBR subreddit, the points are known as Bricks
The system, made available in the two subs only, would also be integrated on Layer 2 scaling solution Arbitrum back in 2021.
Reddit will now be focusing to scale several products that accomplish what the Community Points program was trying to accomplish, ‘while being easier to adopt and understand.’
One example provided is the new Contributor Program, said to be actively rolling out, which will give eligible users the ability to earn cash based on the karma and gold they’ve earned on qualifying contributions. Other examples include shipped features that were originally part of the Community Points beta that the company believes any community should have access to, like subreddit karma and gifs.
“As we started rolling out an improved reddit.com experience, we realized that without an outsized commitment to resources, Community Points wouldn’t migrate well to that updated experience,” said the moderator said
“Time and efforts previously spent on Community Points can now be directed to more scalable programs – like the Contributor Program – which we believe can provide value to more redditors.”
Accordingly, the Community Points product, including Special Memberships, will be sunset by November 8 2023. At that point, you’ll also no longer see Points in your Reddit Vault nor earn any more points in your communities.
Points in community tanks will be burned by the end of 2023.
Reddit is among the most popular social media platforms worldwide, with an estimated 55.79 million daily active users and 1.660 billion monthly active users in 2023. It was valued at US $10 billion in 2021, with advertising revenue contributing $350 million.
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