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I'd say the best feature is privacy. Reddit collects data on all its users to target them with ads. There would be no ads because it would be community funded. Also, a server with even 500 users would cost like $5-$10 to run per month so I doubt I'd really have to ask for donations. No algorithms would be used. No trackers. You don't even need an email address to sign up. There are other features too that are mentioned here .
NOTE:
The number of mentions on this list indicates mentions on common posts plus user suggested alternatives.
Hence, a higher number means a more popular project.