this post was submitted on 21 Oct 2023
84 points (89.6% liked)
Technology
58981 readers
7386 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
This is the best summary I could come up with:
“Though we saw some future opportunities for Community Points, the resourcing needed was unfortunately too high to justify,” Reddit’s director of consumer and product communications Tim Rathschmidt told TechCrunch.
First launched in 2020, Community Points were awarded to users who positively engaged in select subreddits in order to incentivize better content and conversation.
The points were essentially interchangeable Ethereum tokens stored in Reddit’s Vault, which operated as a cryptocurrency wallet.
Since the points were on the blockchain, the program aimed to allow users to display their “reputation” anywhere online, and could be embedded in other sites or apps.
“Putting all Reddit users on the main Ethereum network, for example, would be infeasible and prohibitively expensive,” the Community Points page said.
In the years since launching Community Points, Reddit has rolled out a number of community incentives, like the moderator rewards program and the Contributor Program, which awards actual money by allowing eligible users to convert their Reddit gold and karma into cash.
The original article contains 766 words, the summary contains 162 words. Saved 79%. I'm a bot and I'm open source!