Reddit is said to tokenize karma points and add 500 million new users

The American social media giant Reddit could soon convert users’ karma points to Ethereum (ERC-20) -based tokens (ERC-20), bringing on board 500 million new cryptocurrency users in the process., according to a newly hired Reddit engineer.

A series of tweets from Reddit engineer Rahul, stand out Reddit’s efforts to improve user interaction through various cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had released its own Layer 2 rollup with Arbitrum technology for its reward points, known as Community Points. According to the website:

“Your Community Points exist on the blockchain, independent of Reddit, where only you can control them (like Bitcoin (BTC)!).”

How are we going to achieve this?

Reddit teamed up with @OffchainLabs (@arbitrum) and created our own separate instance.

The community points for 2 subreddits (~ 80,000 users) are already on Rinkeby Testnet in our Arbitrum network (separate from Arbitrum One).

Reddit’s partnership with Offchain Labs ‘Arbitrum network will enable the creation of a separate blockchain instance that will be used to store users’ tokenized community points.

Reddit is said to tokenize karma points and add 500 million new users
Reddit is said to tokenize karma points and add 500 million new users

For now, Community points from approximately 80,000 users from two subreddits, r / cryptocurrency and r / FortNiteBR, have been moved to Rinkeby Testnet on the Arbitrum network, which, corresponding Rahul, will scale for non-gas transactions.

In addition, Reddit communities will also have the opportunity to fork blockchains through community-based decisions and leave the leeway to explore new monetization strategies with Web 3.0.

“If we all achieve that, we will add 500 million web2 users to web3 and there will be no going back. Let me say it again: 500 million new users of cryptocurrencies. “

Reddit has been home to a number of community-powered crypto initiatives, including the Dogecoin (DOGE) fundraiser, and continues to serve a large crypto community.

On October 22nd, Cointelegraph reported on Reddit’s search for a senior backend engineer for a platform responsible for “the millions of users who create, buy, sell and use NFT-enabled digital products.” According to Reddit about the job posting:

With every new NFT project, a lively community of owners emerges. We believe this will only increase over time, and NFTs will be central to how fans support their favorite creators and communities. “

Other social media platforms like Twitter and TikTok have also begun to allow their users to have NFT exposure, suggesting greater potential for widespread adoption of cryptocurrencies.

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