Summary
Reddit decided to end its “Community Points” crypto rewards token pilot less than a year after its launch due to challenges with key management and scalability for a large platform. Decentralization maxis argue for self-custody, but it may not be practical for a site like Reddit.
Key Points
1. Reddit decided to sunset its “Community Points” crypto rewards token pilot after less than a year, despite initial success at launch.
2. Key management is a challenge when it comes to decentralization, as true self-custody may not be scalable for a platform as large as Reddit.
3. The reality is that “not your keys, not your coins” is a maxim to live by, but it may not always be feasible for platforms of Reddit’s size.