Glanced over it. Complete word salad. Corporate nonsense: baffle them with bullshit.
You get points from communities. These points are stored on the block chain, because why not? The points themselves come from reddit, but the communities distribute them. Since they're on the block chain, reddit can't take back your magic bean points or whatever once you get them. Nevermind that they're worthless and that reddit controls the only platform that they're even remotely useful on.
For now, Reddit will cover gas costs for distributing Points to users and allowing them to spend Points on features such as Special Memberships.
Emphasis mine. Someone has to pay for it, because that's how the block chain works. For now it's Reddit. In the future? Who knows!
How does this benefit the consumer? It doesn't, really. Potentially it gives posters more control over a subreddit, but looks like mods will still hold essentially all the power when it comes to a subreddit, which is how it works now.
How does this benefit reddit as a business? It doesn't, really. They're handing out magic beans with the selling point being that they can't take them away from you once you get them. It costs them money to do this, because it's on the block chain as opposed to some in-house database. This replaced coins, right? They killed an income stream and replaced it with an expense.
They get to tell investors that they're into the block chain when they launch their IPO, I guess. All I can say is buyer beware. Chances are high the powers that be unload their stock options in the IPO hype and then get the hell out of dodge. They might have waited too long, though. The tech bubble deflated, and I don't know if the books are impressive enough to draw in the big bucks from investors.
If you want genuine control over your community, start one on the Fediverse and self-host an instance. No admins will kick you off since you're your own admin and head mod rolled into one.
