Disclaimer: All content in this article comes directly from the official Reddit Android app. The author's only contribution is to provide readers with a summary version of the beginning of the article. All content is purely for the purpose of conveying more information.

Summary of key points??

What are Reddit's Community Points?

• An ERC-20 compliant token based on the Ethereum blockchain;

• Represents ownership of a subreddit community;

• Used to measure reputation and contribution within a community;

• may be used without restriction, control, or permission from Reddit;

• Can be used in different ways depending on the culture of the community.

Points allocation and earning

• 50 million points will be allocated initially, based on all historical contributions to a subreddit up to that point in time. Then, another 50 million points will be allocated over the next year.

• In the next allocation cycle, the amount of points allocated will decrease and move toward the upper limit of 25 million points.

• Points will be distributed to users every four weeks, based on their comments and post contributions.

• Some of the points will be reserved for those who contribute to the community in other ways, such as Mods (10%), Reddit officials (20%), and another 20% will be reserved for the broader Reddit community. [Note: Mod is Moderator, which means the administrator of a subreddit]

Spend Points

• Users can use points to purchase special memberships and gain exclusive features in the community, such as badges, the ability to post gifs, stickers, and animated emoticons.

• Users without points can also use USD to purchase membership, and Reddit will destroy the corresponding portion of the points from the 20% of points it holds;

• Points spent by users will be destroyed and removed from circulation.

Voting & Karma

• It will be common to reach consensus through voting within the community;

• The user's weight in the vote will be based on the user's contribution to the community;

• Users still earn Karma through upvotes, but now Karma also becomes an important indicator of the weight of users in voting and earning points; [Note: Karma is the score a user gets on Reddit, which represents the value of the link or comment posted by the user in the community, and also represents the user's level on Reddit. The more upvotes a user posts and comments, the higher the Karma value]

• Purchasing points does not give users more voting power

Below is the full description taken directly from the Reddit app ?

What are Community Points?

Community Points are a new tool for representing ownership of a subreddit.

Community points can be earned each month by posting and commenting on reddit. Points can be used in a variety of ways, including purchasing memberships and weighted voting. Point balances are also displayed next to usernames as a form of reputation visible to everyone.

Community Points are completely controlled by the users who have them. Points are issued on the Ethereum blockchain, which uses the same technology as Bitcoin to protect the ownership and control of users' assets. Not even Reddit can take away a user's points.

As a unit of ownership, points are a flexible tool, and different communities can use points in different ways. Over time, each community will find unique ways to use points that fit the community culture.

reputation

Points measure a user's reputation and contribution in the community. In order to highlight the most important members of the community, point balances will be displayed next to the usernames of those who post and comment in the subreddit.

Membership

Users can use points to purchase memberships in their own communities. A particular membership will unlock features exclusive to that community, including:

• Badges: icons and images that appear next to a username in posts and comments;

• Animated emoticons: Use custom animations in comments;

• GIF images: Use GIF images from Giphy in your comments; [Note: Giphy is an online animated GIF image search engine]

Points used to purchase a special membership are not sent to Reddit; instead, the points spent are destroyed (burned), which increases the points share of all other users. This ensures that purchasing a membership will benefit the entire community.

Users without points can also purchase membership using USD. In this case, the user will pay directly to Reddit, and Reddit will destroy the corresponding number of points from its own share of points.

vote

Subreddits using community points will get an additional view of voting results. That is, in addition to the normal view of the total number of voters (one vote per person), there will be a view of voting results weighted by points (roughly one vote per point). This will allow the community to know how its core contributors feel (note: core contributors have more points, so they have more voting power).

The weight of a user in a vote will be measured based on the points of the user who participated in the vote. This ensures that the user's influence in the community must be gained by earning points, and no one can influence the weight of a vote by earning points in other ways.

Distribution of points

Community points will be distributed based on the contributions users make to the subreddit each month.

Every four weeks, Reddit will publish a list showing the Karma (contribution value) each user has earned in a subreddit during that period. The community has one week to review the list and propose changes or replacements as needed. The community can create a new list with a vote. If the vote reaches the minimum quorum requirement and passes, the new list becomes the official contribution value of the user for that period (unless there is evidence of fraud in the vote, such as bribery).

Once the contribution value is finalized, Reddit will publish the final list and sign it for each user who has created a wallet. This signature is used by users to claim points on the blockchain. For users who have not registered a wallet, Reddit will sign the user's Karma value immediately after the user registers a wallet. After the final list is published, users will have 6 months to claim their points, otherwise they will expire.

In addition, there are points reserved for those who contribute to the community in other ways. Mods (community managers) will receive 10% of the points share from their management contributions to the subreddit; Reddit officials will receive 20%; and the other 20% will be reserved for the wider Reddit community.

Over time, the number of points distributed per period will decrease, approaching a maximum. Initially, 50 million points will be distributed, which will be distributed based on the user's current Karma value; then, another 50 million points will be distributed within the first year. Over time, the number of points distributed will continue to decrease, bringing the total number of points distributed closer to 25 million.

In addition to the above basic plan, half of the points destroyed each month will be reintroduced into the next distribution. This will gradually stabilize the subsequent distribution and reach a roughly fixed amount of points.

It is important to note that the initial round of points distribution will be slightly different from subsequent rounds. The Karma values ​​used in the initial distribution are calculated over the entire history of the subreddit, and Reddit will not publish a CSV list of data for this (because the community does not have points to vote on it yet).

wallet

There is a new section in the Reddit app called "Wallet" where users can manage and use their points. In your Wallet, you can view your point balance for each subreddit. You can also claim any points you have earned and use them for purposes such as purchasing Special Memberships.

In order to access the "Wallet" section in the app, you must subscribe to a subreddit with community points. Behind the scenes, your Wallet will access the Ethereum blockchain. When your Wallet is created, it will generate a public address and a private key. This address is your wallet address on the Ethereum blockchain, where your points tokens are stored; the private key is the only way to access the wallet or use points.

Only you control your private keys. Not even Reddit has access to them. Reddit only knows your public address (so they can view your points balance and issue new points to it), but they won't do anything with your points without your explicit permission.

Wallet backup and restore

The keys to your Wallet will only be saved on your device. This means that if you lose your device, your Wallet and all your points may be lost. Not even Reddit can recover them.

To prevent this from happening, you can back up your Wallet in two ways:

• Store a secure, encrypted backup of your private key on Reddit's servers. The purpose of encrypting it is to prevent anyone (including Reddit) from obtaining your private key from the backup;

• Save the mnemonic for Wallet. The mnemonic for Wallet consists of 12 words and is used to restore your wallet. We encourage users to store the mnemonic in a safe place that cannot be accessed by others, such as a password manager.

On-chain

Community Points will be issued on the Ethereum blockchain, which uses the same technology as Bitcoin to ensure that only you own your points and only you can control your points. Community Points will be stored as ERC20 tokens on the Ethereum blockchain. This makes Community Points interoperable with existing blockchain tools.

The Ethereum blockchain is a public blockchain that Reddit cannot control, which means that your community points can be viewed and used independently of Reddit, and you do not need Reddit's permission to use them. Points will be owned anonymously. No actions on the Ethereum blockchain will be linked to your real-life name and identity.

How do points differ from karma?

Karma is a value that reflects a user's contribution to the entire Reddit platform, earned by posting posts and commenting likes. Karma values ​​are also centralized - they exist on Reddit's computers and are completely owned and controlled by Reddit (not the user).

Community Points are a decentralized blockchain token that represents ownership of a community. Points are stored outside of Reddit, they can be freely traded, and can be used for any purpose within the community, independent of Reddit's restrictions or control. If the Reddit platform ceases operations, or a community leaves Reddit, Community Points will continue to exist.

Voting manipulation

Reddit's site policies strictly prohibit vote manipulation, and we have a dedicated team and technology to monitor and mitigate spam and abuse. Users who attempt to manipulate votes may be temporarily or permanently banned from a subreddit and/or Reddit.

Regarding points, specifically, any user who is banned from Reddit or a subreddit will no longer be awarded community points in future point allocations. If a user has engaged in malicious behavior, but has not yet been permanently banned, the community can still vote on an updated Karma CSV list to change the allocation of community points. This allows the community to take corrective action for points earned through malicious means.

Going forward, Reddit will continue to evaluate and explore additional models for reducing abuse.

Source:

https://www.reddit.com/r/CryptoCurrency/comments/fyda25/update_reddits_blockchainbased_points_system/