What is MOON?
MOON is a cryptocurrency operated by social media giant, Reddit. The tech behemoth introduced Reddit Community Points (RCPs) as a way to compensate its millions of content creators.
If you’re still a Reddit regular, you’re probably aware that the network is made up of thousands of subreddits, or custom pages, where people will debate topics on moderated message boards.
RCP tokens are comparable to other benefits the organization has provided in the past and allow users to receive prizes for their popularity and achievements.
How Does MOON Work?
Moons are awarded on a monthly basis based on user submissions to r/CryptoCurrency (comments, articles, etc.). Reddit karma sets a foundation for evaluating people’s contributions, but the group makes the ultimate call.
At the beginning, 50 million Moons will be spread depending on the subreddit’s current karma. The cumulative number of Moons distributed over time would reach a potential limit of 250 million, with the sum distributed per month starting at 5 million and decreasing by 2.5 percent per cycle.Moons may be easily traded and used throughout the community for a variety of purposes.
They can currently be used to display subreddit credibility, activate special features like badges and GIFs in comments with a Special Membership, and give votes in polls more weight.
Moons are ERC-20 tokens that are operated by a collection of smart contracts that handle balances, payments, distribution/claiming, and buying Special Memberships on the Ethereum blockchain. Trail of Bits, an autonomous security consultancy with blockchain experience, checked and audited the smart contracts and smartphone applications.
Moons are not tied to Reddit since they are blockchain tokens. Reddit or admins can’t take the Moons away or tell you what to do about them after you’ve won them. Both of them are yours.
On the Rinkeby testnet, Community Points are currently accessible (through summer 2020). Community Points will be migrated to the Ethereum mainnet, and existing Points balances will be carried forward.
What is the History of MOON?
Reddit launched MOONs in 2020 as “Community Points”. Community Points are a means for members to receive a unit of ownership of their subreddit in exchange for their contributions. Within a group, Community Points can be gained, tipped, won, accumulated, and spent on unique objects. Community Points are stylized differently in each subreddit, and the ones in r/CryptoCurrency are named Moons.
How Do I Hold MOON?
MOON is an ERC20 token. You can hold it on any common Ethereum wallet, such as Metamask or MyEtherWallet.