Reddit, the American social media giant, may convert its users’ karma points to Ethereum-based tokens (ERC-20), and add 500 million more crypto users to its platform, according a Reddit engineer.
Reddit engineer Rahul tweets a series of tweets that highlight Reddit’s efforts in improving user interaction via various cryptocurrency initiatives. Cointelegraph reported that the platform had launched its layer-two rollup using Arbitrum technology to reward points. According to the website:
“Your Community points exist on the blockchain independent of Reddit where they can only been controlled by you (just as Bitcoin (BTC). How will we do this? Reddit has joined forces with @OffchainLabs and created our own instance. Already, community points for 2 subreddits (80,000 members) are available on Rinkeby Testnet (separate from Arbitrum One).
— Rahul (@iamRahul20x) November 3, 2021
Reddit’s partnership to Offchain Labs’ Arbitrum will enable the creation of a separate Blockchain instance that can be used to store tokenized community points.
The community points representing approximately 80,000 users of two subreddits, r/cryptocurrency, and r/FortNiteBR, have been transferred to the Rinkeby testnet on the Arbitrum network. Rahul says that the network will soon be scaled up for gasless transactions.
Reddit communities will be able to fork blockchains via community-based decisions. This will allow them to explore new monetization strategies using Web 3.0.
“When all of us pull this off, 500M web2 users would be onboarded into web3 and there will be no turning back. I’ll repeat it again: 500 million more crypto users.
Reddit could be in the process of launching its own NFT platform
Reddit is home to many community-driven crypto initiatives, including Dogecoin (DOGE), fundraisers. It continues to serve a large crypto community.
Cointelegraph published a report on Reddit’s search for a senior backend engineering for a platform that allows “millions of people to create, buy and sell NFT-backed digital products.”
“With each new NFT project, there is a vibrant community that emerges with it. We believe that this trend will continue to grow and NFTs will play an important role in fans supporting their favorite creators.
Other social media platforms, such as Twitter and TikTok, have begun allowing NFT exposure for its users. This signals a greater likelihood of crypto’s mainstream adoption.
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