Reddit Discontinues Blockchain Reward Service Due to Low Usage
The popular social media platform Reddit has announced that it will discontinue its blockchain-based reward service “Community Points”. The project was launched in 2020 and allowed users to be rewarded with cryptocurrencies for publishing high-quality posts. The decision to discontinue the service was justified by Reddit due to low usage and technical challenges.
What were the Community Points?
Community Points were a type of cryptocurrency based on the Ethereum blockchain. Users could earn these points by posting, commenting, and being active in the community. The points could then be redeemed for various rewards such as exclusive badges, special features, and even real cryptocurrencies. The idea behind Community Points was to motivate users to create high-quality content and strengthen the community.
Why is the service being discontinued?
Reddit announced that the decision to discontinue the service was made due to low usage and technical challenges. Although the Community Points initially attracted a lot of attention, Reddit was unable to build a sufficient user base to maintain the service long-term. In addition, the technical implementation of the blockchain-based system posed a challenge, as there were regular problems with transactions and scalability.
What does this mean for users?
For users, the discontinuation of the Community Points service means that they can no longer redeem their accumulated points. However, Reddit has announced that they are working on a solution to compensate users for their efforts. Reddit is expected to offer users alternative rewards to offset the loss of Community Points.
What can we learn from this?
The discontinuation of the Community Points service shows that integrating blockchain technology into existing platforms is no easy task. Although the idea behind Community Points was promising, Reddit was unable to overcome the technical challenges and build a sufficient user base. This should serve as a lesson for other companies planning similar projects. It is important to carefully plan the technical aspects and involve the user base from the start to ensure the success of a blockchain-based service.