Reddit has announced that it is ending its Community Points program, a system that rewarded users with tokens for participating in subreddit communities. The program was launched in 2019 and was built on the Ethereum blockchain. Community Points could be used for a variety of purposes, including purchasing subreddit-specific awards, tipping other users, and participating in governance polls. Some subreddits also allowed users to sell their Community Points on decentralized exchanges.
Reddit has cited a number of reasons for discontinuing the Community Points program, including scalability limitations and an uncertain regulatory landscape. The company has also said that it wants to focus on other initiatives, such as its new NFT marketplace. The decision to end the Community Points program has been met with mixed reactions from the community. Some users have expressed disappointment, while others have said that they understand the reasons for the decision.
Moderators of the r/CryptoCurrency subreddit, where Moons, a type of Community Point, were popular, were caught off guard by the announcement and expressed disappointment. They said that they were working on a plan to transition Moons to a new platform. The decision to discontinue the program was attributed to scalability limitations and regulatory uncertainty. “Though we saw some future opportunities for Community Points, there was no path to scale it broadly across the platform,” wrote Reddit user u/cozy__sheets, who is part of the Community team.
Reddit’s decision to discontinue its Community Points beta program highlights the challenges of implementing blockchain-based rewards systems on social media platforms. While the program showed promise, scalability limitations and regulatory uncertainty ultimately led to its discontinuation. As the use of blockchain technology continues to grow, it will be interesting to see how social media platforms incorporate it into their reward systems in the future.