The new feature is similar to Prediction markets which allow players to bet real money or crypto on real-world outcomes. For Reddit’s Predictions, users stake tokens on certain results in moderator-created tournaments. The Prediction feature which was tested in at least two popular subreddits involved the use of Reddit coins. The Predictions Tournaments will use tokens distributed to all subscribers in amounts of 1,000 at the start of each Tournament and reset at the end, meaning token balances will not carry over.
An Overview of the Tournaments
The tournaments will be held one at a time on a bi-weekly basis and will comprise several prediction polls. Moderators will handle everything from creating polls and choosing right answers to concluding the Tournaments. In future, Reddit might also post weighted polls so the community can vote using their moons to pick from moderator-approved Tournament topics.
Moons are used to reward posters, commenters, and moderators for their contributions to a subreddit. They are distributed monthly and used to weight users vote on polls.
These tokens are not purchasable or transferrable and users can only use tokens they have been gifted or earned during tournament play.
Each Tournament will have its own leaderboard, and when it ends the participants’ position will be archived in Tournament history. That means when r/cryptocurrency, one of the subreddits that will hold the Tournament, starts another Tournament, the participant will be able to start fresh and earn their way to the top in a new leaderboard. These leaderboards will live in a dedicated “Predictions” tab.
How to take part in Prediction Tournaments
There are three steps to follow to participate in the Tournaments
Moderators Formulate Questions
A Predictions Tournament starts once questions are created by the moderators, who can also add more questions as the tournament progresses.
Redditors Make Predictions
Redditors who take part in the tournaments receive 1,000 tokens they can only use in that Predictions tournament. The more tokens they put down on questions, the more tokens they can win.
Moderators Declare the Winners
Once moderators declare the winning prediction, tournament participants get their tokens and move up or down the leaderboard accordingly. Once moderators close a tournament, the final winners are announced.
Through the comments, redditors can discuss their picks, explain their picks, and brag when they get to the top of the leaderboard.
At the end of each Tournament, the top three participants on the leaderboard will be rewarded with the following:
- 1st place: 250 Moons Ternion (3 weeks of premium)
- 2nd place: 125 Moons Argentium (2 weeks of premium)
- 3rd place: 100 Moons Platinum (1 week of premium)
To get started, choose an answer on a live prediction and you will receive 1,000 tokens to start the tournament. Next, you will be required to select the number of tokens you want to put towards your pick. Currently, the options available are 10, 30 and 100 tokens.
People who put more tokens to their picks are rewarded with more if they pick the correct answer. For example, if one who put down 10 tokens wins 30 tokens, then another who put down 100 tokens would win 300 tokens. However, Reddit can change the rules to this reward system to ensure fair play.
Once you establish the token amount, you’re through and the post will be updated to indicate your pick. Once moderators have announced the winning pick, the prediction will be closed, and you can review your performance.
Tournaments can have many questions. Once a tournament is over, you will receive a messagealerting you on your final status and you can check out the leaderboard to see the performance of other community members.
The communities that have Predictions have included a Predictions tab at the top and when they are running a live Tournament, redditors can join by clicking on the LIVE indicator on it. This platform facilitates Reddit’s chat and commenting functions for community discussions about the events. Therefore, you can engage freely and anticipate the creation of the tournaments where you earn rewards from their performance. The Predictions Tournament is another way for Reddit users to engage on the platform and can provide larger insights on various topics in the process.