End of an Era: Reddit’s Closure of Its Blockchain-Based Community Points System

Reddit, the popular social news aggregation and discussion platform, has announced its decision to permanently shutter its long-running blockchain-based rewards service, “Community Points.” Despite its initial intentions of promoting positive engagement and incentivizing high-quality content, the platform cited scalability concerns as the key driver behind this unfortunate move.

Shutting down of community points

Starting November 8, 2021, Reddit will begin the process of shutting down the entire Community Points service, including its special membership feature. With this announcement, numerous Reddit users are left pondering the implications of this decision and the future of incentivized engagement on the platform.

Background of Community Points

Introduced in May 2020, the Community Points feature was lauded as an innovative approach to reward users for positive participation within specific subreddits. The aim was to encourage the production of higher-quality content and discussions. Users received points based on their contributions and engagement, which could then be exchanged for perks within the platform.

Different Tokens for Subreddits

One of the distinguishing aspects of Community Points was the unique tokens associated with each subreddit. For example, the r/CryptoCurrency board utilized the Moons (MOON) token as its native crypto asset, while the r/FortNiteBR subreddit adopted Bricks (BRICK). This tokenization allowed communities to establish their own economies, thereby fostering a sense of belonging and loyalty.

Reaction from moderators and users

Upon learning of Reddit’s decision to shut down Community Points, the r/CryptoCurrency moderator known as ‘CryptoMods’ expressed disappointment with the sudden development. The unexpected nature of the decision caught many by surprise, leading to frustration and confusion among subreddit communities. Consequently, the value of Reddit tokens MOON and BRICK experienced a significant drop, drawing forth expressions of disappointment and anger.

Byzantine General’s criticism

In response to the controversy, a notable pseudonymous trader, Byzantine General, asserted that Reddit had essentially “rocked” their community. He accused the platform of abruptly removing the rewards system that had become an integral part of user engagement, tarnishing trust and loyalty.

User reactions

Disgruntled Reddit users, having invested their time and effort into accumulating tokens, voiced their grievances across various platforms. Frustration permeated the sentiments expressed, with many feeling betrayed by Reddit’s decision. Some users even proclaimed their intention to cancel their special memberships, vowing never to use the platform again. The backlash against Reddit for this perceived betrayal was fierce.

The future implications

Reddit’s decision to shut down Community Points due to scalability concerns has wider implications for blockchain-based rewards systems and user engagement on the platform. Trust in such rewards programs may dwindle as users question the durability and permanence of their efforts and investments. While scalability is an understandable concern for any platform, the suddenness and lack of foresight in Reddit’s execution has shaken user confidence.

The end of Reddit’s blockchain-based rewards service, Community Points, marks a significant moment for the platform and its users. While the intention to promote positive engagement and high-quality content was commendable, the decision to shut down the service has left many feeling disillusioned and aggrieved. The aftermath of this controversial move will undoubtedly ripple throughout the Reddit community, posing questions about the future of incentivized engagement and the role of blockchain in shaping online platforms. As users strive to regain trust and find alternative avenues for rewarding online participation, the evolution of blockchain-based rewards systems takes a step back, urging platforms and developers to prioritize scalability measures in their endeavors.

Explore more

Will WealthTech See Another Funding Boom Soon?

What happens when technology and wealth management collide in a market hungry for innovation? In recent years, the WealthTech sector—a dynamic slice of FinTech dedicated to revolutionizing investment and financial advisory services—has captured the imagination of investors with its promise of digital transformation. With billions poured into startups during a historic peak just a few years ago, the industry now

Why Do No-Poach Agreements Cost Employers Millions?

Picture a hidden deal between corporate giants, a silent pact that binds employees to their current jobs while stripping away their chance to seek better opportunities elsewhere. This isn’t a plot from a corporate thriller but a real-world practice known as no-poach agreements, where companies secretly agree not to recruit or hire each other’s talent. Such arrangements, though often cloaked

How Does Flowace.ai Boost Workforce Efficiency with AI?

What happens when technology becomes the ultimate ally in transforming workplace efficiency? In a world where businesses grapple with rapid AI integration and the constant need to stay ahead, Flowace.ai emerges as a groundbreaking force. This platform isn’t just another tool; it’s a catalyst for redefining how organizations harness data to optimize performance. With AI reshaping the corporate landscape, the

How Are Custodians Turning Assets into Profit with SLB?

What happens when trillions of dollars in assets, once locked away in safekeeping, start generating revenue at an unprecedented scale? Custodian banks, the silent protectors of over $100 trillion in global Assets under Custody (AuC), are rewriting the rules of finance by turning dormant holdings into active profit centers through Securities Lending and Borrowing (SLB). This seismic shift is not

How Is AI Transforming Business at Ciena with Craig Williams?

Introduction Picture a digital landscape where every click, connection, and computation pushes technology to new frontiers, demanding not just innovation but a complete reimagining of how businesses operate. In this dynamic environment, artificial intelligence (AI) stands as a powerful catalyst, reshaping industries with unparalleled speed and potential. At the heart of this transformation is Ciena, a leader in optical networking