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this post was submitted on 09 Aug 2023
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I do not disagree with much of the criticism Reddit is getting right now, especially the action taken leading up to this being the reason many of us are here right now.
What I will say though is that this community points system is not brand new and has been operating in the big crypto subs like R/cryptocurrency for some time using MOONS.
Now this system does not prevent the over arching power Reddit can exert on its platform but what it has done is meant is moderators are paid, well paid actually from the one I know personally. The value is determined by market forces so Reddit has little to no control over this.
Also because the points are tokens on the Ethereum ecosystem users can move there points to another wallet that is not controlled/created under the Reddit vault system meaning they can't just be taken away.
Again, this move far from fixes many of the problems with Reddit, causing us to move to the feddiverse but as far as the idea of "points" go it's actually the best system yet.
What makes me laugh is what Reddit did recently forcing users to spend or lose the last iteration of points, this is the kind of thing the new system should protect against.
You need to watch this, friend: https://youtu.be/YQ_xWvX1n9g
I will try and watch this when I have time however I want to give some initial thoughts now. I am a techy amd have been in the cryptosphere for a long time so have a pretty good understanding of the current state of play.
NFTs are a great concept but have a number of potential draw backs. The biggest issue, the one that was the real issue during the NFT hype some years ago, is that without the correct implementation they are worthless. So the common NFT at that time was essentially a blockchain item that contained a url that linked to an image on a centralised server, the server goes down and then you have a digital item that holds a dead link. Now what NFTs have the potential for is to hold the data such as an image directly on chain (however this has some scaling related issues at this time) that would address this issue. And NFTs have much more potential than just images, in game items ate one that is touted often, but really the limits are endless. They could solve practical problems like virtualised receipts/ proof of authenticity for real world items, membership and account management for digital content or real world events are some of the examples that come to mind.
It's important to note that NFTs (the ethereum ERC-721 standard) are not digital tokens (the ethereum ERC-20 standard) which is what the new reddit points are being implemented using. Tokens are inheritently on chain, they have there own potential draw backs and that entirely depends on the individual implementation of the token itself. They are programmable so the rules defined will outline if drawbacks exist.
The point of a toke is to create a medium of exchange within an ecosystem, the idea that each community has its own token is a great example of that. Yes the token will have little to no value to people outside the community but that is not to say it will have no value at all. The current test is r/cryptocurrency and the MOONs which have been in use for years now, this was the test bed for this system. Moderators and users receive MOONs and are able to trade them on an exchange to get ETH and then into cash of they desire. Its hard to argue it doesn't add value to the R/Cryptocurrency ecosystem when it does by evidence.
Is it perfect? No. Does it excuse Reddits scummy actions up to now ? Hell no but it is not a bad move in and of itself.
To those with the down doots, is there anything constructive you want add to the conversation ?