Reddit

Social news media forum in which almost all projects in the crypto space have a subreddit to have communications with and between their community members.

Basics

• Started in: 2019 (token ideas)
• Mainnet release:
• Based in:
• As FlatOutCrypto put it (23-10-2019):

"If you’re not using the daily threads on r/cryptocurrency and r/ethtrader as your sentiment guide then you’re missing out. When the dailies are filled with thousands of comments all screaming moon, where any bearish comment is instantly downvoted to oblivion, you know you need to sell. When the world is ending, get those buy orders in.

No but seriously. It has millions of users and if you can discern between the latest shill piece for a company disguised as a legitimate post then there are lots of interesting links on there. Plus there are specific subs for each cryptoasset, meaning you can find a wealth of information if you’re willing to search hard enough. Furthermore, there are a lot of people building small and often interesting projects which you won’t find anywhere else.

A lot of the longer and more interesting posts have flooded to Medium, while much of the debate is on Twitter, but it’s still worth paying attention to."

Most famous communities include:

• r/Bitcoin: a forum with a focus on Bitcoin (BTC)
• r/BTC: a forum that split off of r/Bitcoin due to censorship and the blocksize debate. Now has a focus on Bitcoin Cash (BCH)
• r/Ethereum: a forum about Ethereum and all middleware, side projects and tokens that are a part of its ecosystem.
• r/EthTrader: a forum focused on price and trading opportunities on the Ethereum blockchain.
• r/CryptoCurrency: a forum about cryptocurrencies in general

Audits & Exploits

• Bug bounty program can be found [insert here].

Token

ICO

• From Decrypt (10-4-2020):

"Reddit Points will be distributed based on how much Karma a person has. And, similar to most ICOs, some of the Points will go to the builders. Reddit takes a 20% cut of new Points, and Reddit moderators get a 10% share.

The initial distribution will be 50 million Points, with another 50 million Points in the first year. Each year the number of new points will decline, converging to a maximum total of 250 million Points."

Token allocation

• From Decrypt (14-5-2020):

"Community Points will be distributed in Reddit’s r/CryptoCurrency and r/FortNiteBR communities, also known as subreddits, which have about 1 million members each. Points are also specific to their different communities (the crypto subreddit’s tokens are called MOON, while the Fortnite ones are called BRICKS)"

Token Details

• From Decrypt (14-5-2020):

"Initially, 50 million Points will be distributed based on so-called “karma,” or reputation, earned in the subreddit to date. Points will then be distributed every four weeks based on how much karma each user earned in that period. And here’s how Reddit benefits: it gets 20% of the tokens distributed each cycle.

The amount distributed will continue to decrease so that the total number of Points will approach a maximum cap of 250 million. Points are also burned every time they get used to redeem for items within Reddit. A portion of burned tokens are re-distributed when the cap is reached." 

Tech

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on: Ethereum, Arbitrum; using it for its community points (7-2021). Will also provide the infra for all other community points (10-8-2022). Community points got wined down (18-10-2023).

Other Details 

• Will (10-4-2020) be on Ethereum:

"The information reveals the purpose of the blockchain-based system. "Points are a measure of reputation and contribution within a community. To highlight the most important members of a community, points balances will be displayed next to usernames on posts and comments in the subreddit," the FAQ explains, according to the screenshots.

In this way, Points work similarly to the current system of Karma, where users get free Karma when their posts are upvoted. But in this case, the points will have real value. "Users can spend Points to buy Special Memberships in their community. A special membership unlocks exclusive features in the community," it states, adding that this includes badges, animated emojis and GIFs.

It further states that when Points are spent, they will be destroyed. This is a tactic used by companies, such as Binance, in the hope that reducing the supply of the token will make its price go up. It seems like Reddit is thinking along the same lines."

• From Decrypt (14-5-2020):

"Community Points are Ethereum-based ERC20 tokens, and users store them in their own Ethereum address, which Reddit calls “Vaults.” Each user has control of their private keys, which means they have full ownership of the tokens they earn, and not even Reddit can take them away. Tokens will be used to redeem items within Reddit (badges, GIFs, emojis, etc.), and can be sent and transferred to any Ethereum address, even if the wallet owner isn’t on Reddit — they’re just like any other Ethereum token.

Usage

• From Decrypt (14-5-2020):

"So far, gamers have been more enthusiastic about the feature than cryptocurrency fans, as 3.8k addresses have been created for the Fortnite subreddit token, compared with 1k for the crypto one, according to Etherscan.

Reddit, which has over 400 million users, is on its way to become the first major social network to successfully introduce cryptocurrency tokens —the project is on Ethereum’s Rinkeby testnet and not actually on the mainnet yet."

Competition

• Steemit
• Hive
• HyperSpace (got closed down)

 Team, Funding, Partners

Team

• Full team can be found [here].

Funding

• They were listed as one of the creditors of FTX (26-1-2023).
• From The Block (9-11-2021):

"Reddit co-founder Alexis Ohanian spoke at the Solana-focused conference Breakpoint today. He announced that he will be earmarking $100 million for building social media on Solana."

Partners

• Reddit became one of the trusted companies to store tx for Arbitrum Nova (15-3-2023).
• Reddit selected Arbitrum Nova as its partner after it bested other Ethereum L2s in a competition titled “The Great Reddit Scaling Bake-Off.” And has taken FTX as the partner for on-ramping (10-8-2022). Community points got wined down (18-10-2023).
• Reddit is partnering (28-1-2021) with the Ethereum Foundation to scale up its Community Points infrastructure.