In December 2019, The first ERC20 token natively linked to a Reddit subreddit was born called DONUT. This marked the first official link between Reddit and Ethereum’s infrastructure. Reddit was periodically distributing DONUT tokens based off the Reddit Karma earned from posts in r/ethtrader.
Reddit ran into scaling issues with the process due to high gas costs. Donuts were like the alpha test. They’re currently on the Ethereum mainnet.
Then came the beta:
r/cryptocurrency Moons and r/FortniteBR Bricks!
They are both ERC20 tokens as well. But they are on the Rinkeby Testnet and run on the XDai side chain which is more centralised but prevents the high gas fees. That is why we can claim and tip moons without having to pay for gas fees.
r/cryptocurrency moons are distributed based on your community contribution in our subreddit, ie Karma count, per month. The ratio currently is around 0.44 moons per karma. Total moon count is hard capped at 250 million moons.
You can claim them by opening your moon vault in your official Reddit app. Moons are currently priced at 0.083$ per moon.
PS: Make sure you write down your seed phrase.
Further explanation: https://youtu.be/NE9phQLljIY
What’s next for moons?
Reddit admins and the developers are currently working on layer 2 scaling solutions before taking moons to the mainnet. Once the Ethereum gas fees are managed, we may see it reach mainnet in the future.
Here’s what Ethereum Co-founder Joseph Lubin had to say about reddit community points:
— Joseph Lubin (@ethereumJoseph) January 28, 2021
View Reddit by ultron290196 – View Source
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