Reddit to Launch ETH-based Tokens to Reward Users
Main page News, Ethereum

Popular online forum Reddit is working on the development of ETH-based tokens that will be used to reward users for contributing to the platform, The Block has reported.

The tokens, dubbed $MOONS and $BRICKS, will reportedly be distributed to members of the /r/Cryptocurrency and /r/FortniteBR subreddits, respectively, as part of Reddit's new "Community Points" initiative.

Reddit has reported it will test these tokens in these two particular communities.

The forum has also created a page in which it encourages users to use "Vault," a specialized token management platform. When users use Vault, they are basically creating Ethereum wallets in which their tokens are stored.

This platform will allow users to do a complete management of their tokens, including viewing their tokens from several subreddits as well as claiming and spending points.

These two tokens will reportedly be based on Ethereum's ERC-20 standard, which means they will be released on its blockchain.

The tokens are currently in the beta phase of development and they will be tested until summer. Both the smart contracts and the mobile apps have been tested and audited by the cybersecurity company Trail of Bits, an independent firm specialized in blockchain.

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