Reddit launches Moon token based on Ethereum

Reddit is launching a new cryptocurrency called Moon that can be used to reward users for their contributions in the CryptoCurrency sub-forum.


According to the official announcement by Reddit, Moon is an ERC-20 token issued on the Ethereum blockchain, which is managed through a set of smart contracts, and users can transfer and use it through Reddit’s iOS or Android applications. The smart contract and mobile application have been reviewed by Trail of Bits, an independent security company with blockchain expertise.

It also stated that Moon tokens are decentralized and not under the control of Reddit or community moderators, so users can have real ownership of their assets.

The announcement stated, “First, 50 million Moon will be allocated based on the points earned by users in Reddit so far. Next month, 5 million will be distributed, and thereafter it will be reduced by 2.5% each month, so that the total number of Moon distributed over time Will approach the upper limit of 250 million. “

Reddit stated that the first batch of Moon tokens will be distributed to active contributors with over 100 points in the CryptoCurrency sub-forum. Users can earn points by creating popular posts and comments.

Users can use the Moon token to unlock exclusive features such as badges and GIFs in the community, and increase the weight of voting in community surveys.

Before this summer, it will be beta tested on the Rinkeby testnet. After completing the beta, it will migrate to the Ethereum mainnet.

Image source: Reddit

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