Reddit launches Ethereum-based token cryptocurrencies and Fortnite sub-sections are being tested

The Block reports that Reddit, a well-known online forum, is testing two Ethereum-based cryptocurrency tokens, and users who contribute content will be rewarded accordingly. As part of the newly launched Community Points program, two tokens, MOONS and BRICKS, will be distributed to the reddit duo/r/Cryptocurrency and /r/FortniteBR friends, respectively.

Reddit launches Ethereum-based token cryptocurrencies and Fortnite sub-sections are being tested

A Reddit spokesman said: “We will continue to experiment with features that will appeal to community users, and with the community credit program, we hope that users in both sections will be able to actively submit feedback.”

In addition, Reddit has launched a web page that instructs users to open “Vault,” a new platform for users to manage tokens issued by Reddit. According to the proposal on the mobile app, users can view and consume their “community credits” on multiple Reddit subsections.

In fact, both tokens are based on ERC-20 tokens issued on the Ethereum blockchain. By creating a vault, the user also actually opens an Ethereum wallet for storing tokens.

Reddit launches Ethereum-based token cryptocurrencies and Fortnite sub-sections are being tested

According to Reddit, the project is still in the public testing phase and is expected to continue into the summer of 2020. To allay concerns, Reddit also highlighted that both smart contracts and mobile apps have been reviewed by Trail of Bits, an independent security firm with expertise.

In addition, Reddit encourages security researchers to help them find vulnerabilities, and interested developers can move to https://www.reddit.com/wiki/whitehat to see more.

Reddit users can use tokens for rewards and transfers, and forums can display account balances to measure their credibility. Currently / r / Cryptocurrency and / r / fortniteBR sub-sections have 1 million and 1.3 million friends, respectively.