![]() ![]() Reddit has not confirmed when the community points program will be expanded beyond the two subreddits where it is currently being tested, but the FTX partnership demonstrates that the company is serious about onboarding non-crypto native users. Users will be less confused as a result, making the community points feature easier to adopt. This process may be confusing to the average Reddit user, but thanks to the FTX partnership, non-crypto-savvy customers can buy the cryptocurrency they need to use their "community points" directly through the Reddit app with dollars. Using community points entails performing a transaction on the blockchain, which necessitates users spending crypto, in this case, Ethereum, to pay network fees to validate the transactions. The collaboration with FTX indicates that Reddit wants to make community points more accessible to non-crypto natives. ![]() The key point is that the community points exist on the blockchain and are fully owned by the users, allowing them to be used in other yet-to-be-developed applications, giving the points greater utility. They can be used within subreddits to give users with more points more influence in polls about how the group should be run, as well as to purchase special memberships and rewards. The points, which appear next to the username, determine a user's reputation. The company launched "community points" in 2020, allowing users in two subreddits to earn blockchain rewards for submitting "quality posts and comments." The advancement may appear minor, but it is part of a larger effort to combine Reddit and blockchain technology such as crypto and NFTs, which the company has increasingly adopted. The new collaboration involves a product called FTX Pay, which allows merchants to accept both crypto and fiat-in Reddit's case, this means users won't have to leave the app to purchase Ethereum. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |