Social Giant Reddit Launches New Cryptocurrency on Ethereum

May 14, 2020

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Reddit is launching a new cryptocurrency called Moon that can be used to reward contributions in the r/CryptoCurrency subreddit.

Moons are ERC-20 tokens issued on the Ethereum blockchain. They can be transferred, tipped and spent in the subreddit through Reddit’s iOS or Android app.

Reddit says Moons are decentralized and not controlled by Reddit or community moderators, so users can have true ownership of their assets.

“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.”

The social user-generated content network says the first Moons will be distributed to active contributors who have amassed at least 100 karma in the r/CryptoCurrency community. Karma is earned by creating popular posts and comments.

Moons will be gradually rolled out over the next two days and the feature will remain in beta testing throughout the summer.

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