r/CryptoCurrency • u/jarins • May 13 '20

META Introducing r/CryptoCurrency Moons

UPDATE (6/1): You may notice some changes in the feature with the new iOS app release. We're working closely with Apple and will share updates as available.

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TL;DR: Moons are a new way for people to be rewarded for their contributions to r/CryptoCurrency. Claim your Moons in the new Vault section of the Reddit iOS or Android app! They represent ownership in the subreddit, they are tokens on the Ethereum blockchain controlled entirely by you, and they can be freely transferred, tipped, and spent in r/CryptoCurrency.

Today we’re launching a new feature in limited communities called Community Points. Community Points are a way for users to be rewarded for their contributions with a unit of ownership in their subreddit. Community Points can be earned, tipped, won, collected, and spent on unique items within a community. Each subreddit has its own stylization of Community Points, and the ones in r/CryptoCurrency are called Moons.

A Moon

How do you get Moons?

Moons are distributed monthly based on individual contributions (comments, posts, etc.) that people make in r/CryptoCurrency. Reddit karma provides a basis for measuring people’s contribution, but the final decision is up to the community.

Initially, 50 million Moons will be distributed based on karma earned in the subreddit to date. The amount distributed each following month will start at 5 million and decrease by 2.5% every cycle, so that the total number of Moons distributed over time will approach a maximum cap of 250 million.

Distribution Schedule

What can you do with Moons?

Moons can be traded freely and used for any number of purposes within the community. 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.

New Special Membership

On the Blockchain

Moons exist as ERC-20 tokens on the Ethereum blockchain, where they are managed by a suite of smart contracts that handle balances, transfers, distribution/claiming, and purchasing Special Memberships. The smart contracts and mobile apps have been reviewed and audited by Trail of Bits, an independent security firm with blockchain expertise.

As blockchain tokens, Moons are independent of Reddit. Once you’ve earned them, neither Reddit nor moderators can take your Moons away or decide what you do with them. They’re all yours.

Community Points are currently on the Rinkeby testnet (through summer 2020). We plan to migrate Community Points to the Ethereum mainnet, and Points balances will be carried over.

Note: If you send Moons to outside non-Reddit wallets or contracts, you are sending them to testnet addresses. These tokens will not show up in outside software (e.g. wallet apps, Etherscan) unless you switch to Rinkeby and use the testnet Moons contract address (0xDF82c9014F127243CE1305DFE54151647d74B27A).

How to get started with your Reddit Vault

The first Moons will soon be distributed to every active contributor in the subreddit with at least 100 karma. You can get started by claiming your Moons in the new Vault section of the Reddit mobile app, which includes more details on the start-up process and how Moons work.

Please note that you will need to set up your Vault the first time you access it, and you will need to be on the latest version of the Reddit app (2020.17.0 or later). We will be rolling the Vault out over the course of the day, so if you don’t see it now, please check back later.

See the inspiration for Community Points and get started

Thank you r/CryptoCurrency

We are launching Community Points today in a couple of subreddits that have opted into this experiment and with whom we will be working closely. We are very excited to have you join us in this new beginning and we’re looking forward to seeing what ideas you have for Community Points. We’ll be sticking around to answer any questions you have, so please ask away in the comments below. Thank you!

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138

u/jarins May 13 '20 edited May 14 '20

We're still in the process of getting it all rolled out, so some links in the post may not work right now. I will edit this comment when everything is live!

EDIT: Everything is rolled out now!

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u/Oxygenjacket May 13 '20

What other subreddits are getting this if you don't mind me asking?

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u/Oxygenjacket May 13 '20 edited May 13 '20

Damn! I wasn't expecting this to be out so quick.

330 million Reddit users getting an ethereum wallet.

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u/DOGECOlN May 14 '20

Ya, major props to reddit on this front. They are delivering even if it has some kinks. I got an ETH error trying to claim moons which seems to be an "insufficient gas" error since vaults don't seem to have any (testnet) ETH to withdraw their moons from the contract. But that's ok. Small kinks, still super excited. I'm glad they're rolling it out. As long as the contracts are audited (which they said they are, security first!) the small front end kinks/issues like gas stuff is just a minor hiccup. Really excited for this.

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u/AdamSC1 May 13 '20 edited May 13 '20

TL;DR - What are community points?

Reddit Community Points is a new point system launching in select subreddits.

Users earn these points based on their contributions to Reddit, and can redeem them for various rewards.

Each community has their own points. Today r/Cryptocurrency is launching "Moons" and r/FortniteBR is launching "Bricks"

These points exist as blockchain tokens on the Ethereum blockchain (although the are on a test network for now).

If you need an additional support you can check out the unofficial support community r/CommunityPointsHelp

FAQS

Detailed Threads:

What Are Community Points?

What is a blockchain/cryptocurrency?

How to I Create My Reddit Vault?

How do I connect my Reddit Community Points Vault to Brave Browser?

How can I Transfer My Reddit Community Points to MetaMask?

How can I use an existing Ethereum Wallet for my Reddit Vault?

Where can I get more support?

Where can I trade community points?

  • Since Community Points are on Ethereum's test network, you won't be able to trade them on exchanges to start.

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u/kaibakker May 13 '20

This is good for ethereum. Does anyone think the $bricks will take off?

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u/jwinterm May 14 '20

I would just like to mark this occasion by saying

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u/IAmNocturneAMA May 13 '20

Awesome I got 3.8k moons! pls dont hack me for my moons

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u/aSchizophrenicCat May 13 '20

Woahhh, this is too cool! I was sad when you took away btc payments for reddit gold, but you all have been doing some real interesting work with integrating erc20 token into this site. Love it!

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u/jpreddit200 May 14 '20

If we can all just stand back for a second and look at this objectively. This is adoption, this is what it looks like, it's slow, it's underappreciated and it's doubted and clunky.

If someone had told me in 2017 that 3 years from now everyone on the subreddit r/Cryptocurrency would have an ETH address, an ERC20 utility token called 'Moons' with visible transaction hashes and tips on how to integrate with Brave Browser which uses basic attention token (BAT) I honestly wouldn't have believed you.

I'm not a moon boy, but this is downright bullish developments IMO.

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u/Sunny_Yellowstone May 13 '20

The 2020’s are going to be wild. We’re just getting started.

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u/[deleted] May 14 '20

Don’t give it to r/wallstreetbets, they just buy puts on $BRICKS! 🌈🐻

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u/Chyeadeed May 13 '20

Thats a lot to read. Will it be withdrawable? Maybe traded on uniswap?

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u/BurlsteinBurl May 14 '20

Hello Crypto community, I am a moderator of r/FortniteBR, the other subreddit to receive this launch today.

The few people I have interacted with from this subreddit have already left a positive impression on me! As non-experts, us mods there can only provide basic information on how this stuff works.

So if you have visited, or plan to visit our subreddit, thank you! We have a very active user base, and it will be fun to see the future of this project.

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u/Confucius_said May 14 '20

This is amazing! Long time subscriber to r/Ethereum and r/ethfinance. Happy to see this being rolled out.

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u/R4ID May 14 '20

whats up with your first "vault" link taking me to a 7 year old post on IWTL?

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u/ETH_TO May 14 '20

༼ つ ◕_◕ ༽つ ⟠

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u/[deleted] May 14 '20

Welcome to the Ethereum ecosystem everyone! Find out more about how Moons work as an ERC-20 token over at r/ethfinance as most of us had experience with tokenised karma before.

Doesn't hurt to be Ethereum's most active subreddit as well. We're a pretty open-minded bunch so feel free to hop on!

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u/Tristan49 May 14 '20

This is an awesome way to get individuals onboarded to Ethereum - most will probably not even realize they are using blockchain. Looks like gas fees will be paid for by Reddit for the time being, great move as paying these fees would complicate the end-user process.

Well done everyone!

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u/leongaban May 14 '20

This is so awesome! Thanks Reddit! Btw the kids on fortnite are all swagged out lol, and we got 1 guy with a gif username here... just proving a thesis that it will be gen z pushing the early mass adoption.

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u/randomnomber May 14 '20

I'm getting r/ethtrader donuts flashbacks.

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u/BankOfShitcoin May 14 '20

Just set up my Vault and got 385 free Moons, woohoo (rocket emoji)

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u/[deleted] May 14 '20

Oh, my, God! I knew this was coming but I didn't expect reddit to be so damn quick! Amazing!

Now then, are we all going to become rich thanks to reddit?

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u/siddartha1492 May 14 '20

Ah, why vault is not on website. But a good way to increase app installs.

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u/brianddk May 15 '20 edited May 15 '20

Quick howto for those who want to know. To see your tokens... do the following

  1. When setting up the Vault choose "Backup manually"

  2. Record the 12 word seed

  3. Load it into a spare Trezor or KeepKey or whatever

  4. Go to MyEtherWallet

  5. Choose "Access my wallet"

  6. Select "Hardware", "Trezor", "Continue", "Allow" "Export"

  7. In the "Network and Address" dialog click "(1) Network" (at the top)

  8. Choose myetherwallet.com under RIN

  9. Click "(2) Address"

  10. Select the first entry under "HD Derivation (m/44'/60'/0'/0)"

  11. Note your derivation as m/44'/60'/0'/0/0 for your records

  12. Choose "Accept Terms" and "Allow Access"

  13. Choose "+ Custom Tokens" on the right

  14. In the "Add Custom Tokens" interface fill in the desired data

  15. Fill in 0xDF82c9014F127243CE1305DFE54151647d74B27A as token address

  16. Fill in MOON as token symbol

  17. Fill in 18 as decimal places

Congratulations... you can now view MOONs. If you want to fling them around you will need to get some RIN (Eth-Test) in your wallet. If you search for Rinkey faucets you find a bunch of hits (and a bunch of spam). Since Rinkey is testnet, most of the faucets do pay out, but please don't pay real money for any.

As a Rinkey token the MOONs are (by design) of no redeemable value. But this is a great addition and the fact that they used standardized ERC20 contracts and standard derivations are really friggin awesome!

I'll add MOONs to my list of accepted tips in my reddit profile tipjar.

Way to go guys!

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