Two subreddits with a combined 2.4 million members are launching their own cryptocurrencies.
As part of a larger campaign from Reddits’ higher-ups, the r/Cryptocurrency and r/FortNiteBR subreddits unveiled their token launches last night. Branded all too aptly (and perhaps a bit unfortunately), the tokens, MOON and BRICK, respectively, will be used as “community points” for either subreddit and are the flagship campaigns for Reddit’s push to provide tokens as in-community currency for its thousands of subreddits.
These tokens will be stored in the Reddit Vault, a wallet component that’s baked in to Reddit’s Android and iOS apps. Like other Ethereum-native tokens, users will be able to transfer these tokens off their Vault to any other ERC-20 compatible wallet. But it’s unclear whether or not exchanges will support markets for these coins.
From launch, their utility will revolve around subreddit-specific digital swag and rewards, including “Special Membership” and even voting privileges.
“[BRICKS] can be traded freely and used for any number of purposes within the community,” the Fortnite subreddit announcement reads. “At this time, they can be used to display reputation within the subreddit, unlock exclusive features like badges and GIFs in comments with a Special Membership, and add weight to votes in polls.” The post in r/Cryptocurrency promises the same perks for MOON.
Both will be doled out “based on individual contributions (comments, posts, etc.)” based on a user’s karma. Distribution, the post claims, will ultimately be “up to the community,” though it didn’t specify what this decision-making or voting process may look like.
While the tokens are near mirrors of each other in many regards, one interesting departure in their joint design is that MOON has a more fleshed-out inflation schedule than BRICK. For example, 5 million MOONs will be pumped into circulation during May for the initial rollout, but this number will decrease by 2.5% every month until the final supply is capped at 250 million. For its part, r/FortNiteBR has not specified an issuance rate for BRICKS.
Either subreddit will begin distributing tokens in the next few days on Ethereum’s Rinkeby testnet. They will remain in beta on the testnet for the rest of the summer before graduating to Ethereum’s mainnet if they pass the testnet’s trial round.