Large number of Reddit active users seems to have spurred FTX cryptocurrency exchange to partner with Reddit to launch a Community Points program soon.
FTX last week announced its collaboration with Reddit to empower its community through Community Points which will go live soon.
In the program, FTX will serve as a third-party service provider via its FTX Pay feature.
“We are excited to help bring Reddit’s vision to life and help communities break free of walled gardens and take ownership of their existence online. We welcome you to check out Community Points!” said FTX in a statement.
The deal was prompted by Reddit announcement in 2020 that it would scale Points toward the Ethereum mainnet via Arbitrum Nova, Reddit is not just a social network but a base of millions of active monthly users that constantly looks to pioneer Web3 by harnessing blockchain technology.
Once the program is launched, users will be able to take ownership and control of their respective online communities using the Points.
The Community Points will also be a great way of demonstrating their power of influence, Using Points anywhere, including buying membership and rewards, is another way their holders will experience its utility.
The Points will go live on r/CryptoCurrency and r/FortnightBR after which they’ll be available on different subreddits.
Together with the username of the users, the number of Points will be shown to display how much they have performed in the community.
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What Are Community Points?
Community Points are ERC-20 tokens on the Arbitrum Nova blockchain, these points are burned and removed from circulation after use.
Community Points can not be purchased, unlike most tokens, they must be earned via contributions like moderating subreddits and creating content.
“Communities are the lifeblood of the Internet. But on today’s Internet, they are not in charge of their own destiny. Instead, they are controlled by the large platforms that hold all the power online. It is time for a change. Community Points are the first step towards a different future for online communities. These tokens live on the blockchain, which means they are truly owned by the community. Over time, your community will benefit from even greater control and independence — on and off of Reddit.”
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