Reddit recent decision to shut down its blockchain-based “Community Points” service has caused tremors in the crypto community.
The technical reality about the closure of Reddit’s blockchain-based “community points” and crypto
In an unexpected twist in the crypto world, Reddit announced the imminent closure of its blockchain-based rewards service, “Community Points,” due to scalability issues.
Launched in May 2020, this feature aimed to reward users with Ethereum-based ERC-20 tokens for their positive engagement within specific subreddits.
However, as of 8 November 2023, the Community Points service and the special membership feature associated with it will cease to exist.
This article analyzes the reasons for Reddit’s decision and the impact it has had on its cryptocurrency-focused community.
Scalability issues
Reddit’s official statement, shared in the r/CryptoCurrency subreddit on 17 October, cited scalability issues as the main reason for the discontinuat
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