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Reddit launches Ethereum-based tokens for cryptocurrency and Fortnite subreddits

Reddit launches Ethereum-based tokens for cryptocurrency and Fortnite subreddits
Reddit, the popular online forum, has launched two tokens for users to earn rewards for contributing content, The Block has learned.
The two tokens, one named $MOONS and other $BRICKS, will be issued to members of the subreddits /r/Cryptocurrency and /r/FortniteBR, respectively, as part of Reddit's new initiative called "Community Points." 


"We believe in a new dawn for the Internet, where it can be free once again. We don't have all the answers, but we believe together we can find a way," stated a webpage that guides users to open " Vault ," a new platform to manage these tokens. 
 
With Vault, users can view their tokens from multiple subreddits and claim and spend their points, according to a prompt on Reddit’s mobile app. 


 

Both tokens are ERC-20 tokens issued on the Ethereum blockchain, and by creating Vault, users essentially create new Ethereum wallets where tokens can be stored.

 
Meanwhile, Reddit members can use the tokens to vote, tip content creators, and transfer funds. The forum will also display users' token balances as a way to measure their credibility. /r/Cryptocurrency and /r/FortniteBR have 1 million and 1.3 million members, respectively. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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