What Are Reddit Moons?
Moons are tokens on Reddit that users can earn and spend within the social web connection.
They were introduced in May 2020 to reward millions of Reddit users for their content contributions and accumulated reputation.
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However, karma credits had no monetary value.
Moons have a monetary value that can be decided by the market.
What Is a Reddit Vault?
The Vault is an Ethereum wallet where Moons are stored.
If you lose access to your unit, Reddit provides an option to restore your vault in your account.
It also has access to your public address, which is used when sending rewards.
How Do Reddit Moons Work?
Moon runs on Ethereum and is the official cryptocurrency for ther/CryptoCurrencysubreddit.
By design, they are compatible with all applications and assetsbuilt on the Ethereum Virtual Machine.
They are pseudonymous, which means you cannot know the identity of the owners.
How Do You Earn Reddit Moons?
Reddit Moons incentivize quality activity in the r/CryptoCurrency subreddit.
So you earn Moons depending on your contribution, available Moons, and a subreddit’s rules.
Sharing original, high-quality content that attracts discussions within a subreddit is the most effective way to earn Moons.
As people engage with your posts, they’ll upvote you.
How Are Reddit Moons Distributed?
Moons are distributed through a system known as “community points.”
First, moderators decide the number of Moons to award for various activities within a specific subreddit.
This means the number of Moons awarded may differ from one subreddit to another.
The algorithm then distributes Moons based on the share of the subreddit contribution score active users have earned.
Moons distribution occurs once every 28 days.
How Was Moons' Scalability Issue Solved?
Initially, Moons were developed on Ethereum and therefore inherited the blockchain’s scalability challenges.
Through this upgrade, Reddit reduced the transaction fees associated with Moons distribution and made it instantaneous.
Redditors no longer have to wait to get their Moons.
How to Use Reddit Moons
Moons can be used for various purposes within the Reddit ecosystem.
Reddit Moons Burning
Reddit Moons are burned as part of a deflationary mechanism.
They are removed from circulation, ensuring that distribution will not be limited to new issuance.
Burning involves sending them to a burn address, but they can be reintroduced for distribution later.
Moons are burnt in two ways; the purchase of premium memberships or the redemption of moons forReddit coins.
In both instances, they are sent directly to a burn address upon initiating the transaction.
Meanwhile, admins burn moons on your behalf when you pay for premium memberships with cash.
The exact amount of Moons burned each month varies depending on factors such as activity levels and demand.
