Reddit’s Blockchain Rewards Will Migrate to Ethereum by 2021
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The popular social blogging platform Reddit has confirmed that its tokenized rewards will migrate onto the Ethereum blockchain later this year.
On May 13, Reddit officially revealed its Community Points system, announcing that the feature would be rolled out over two days across “limited communities.”
However, the rewards system will operate on a test-net until autumn 2020 at the earliest.
A Reddit post confirmed that points will comprise ERC-20 tokens, however, the system will not be migrated onto the Ethereum mainnet until after beta.
While the system will initially manifest on the Rinkeby testnet while in beta, a suite of Ethereum-based smart contracts will execute transfers, distribution, and other operations underpinning the reward protocol after the migration.
Points balances accrued in the meantime will also be carried over.
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