Reddit to reportedly tokenize karma points and onboard 500M new users


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American social media large, Reddit, could quickly convert customers’ karma factors into Ethereum-based (ERC-20) tokens and onboard 500 million new crypto customers within the course of, in line with a newly employed Reddit engineer.

A sequence of tweets made by Reddit engineer, Rahul, highlights Reddit’s efforts to enhance person interplay by way of numerous cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its personal layer-2 rollup using Arbitrum technology for its rewards points, named Neighborhood Factors. According to the web site:

“Your Neighborhood Factors exist on the blockchain, independently of Reddit, the place they’ll solely be managed by you (similar to Bitcoin (BTC) !).”

Reddit’s partnership with Offchain Labs’ Arbitrum community will enable for the creation of a separate blockchain occasion, for use for storing customers’ tokenized group factors. 

At the moment, the group factors of roughly 80,000 customers from two subreddits — r/cryptocurrency and r/FortNiteBR — have been moved to the Rinkeby Testnet on the Arbitrum community, which according to Rahul, shall be scaled for gasless transactions:

Furthermore, Reddit communities will even have the flexibility to fork blockchains by way of community-based selections, along with permitting the scope to discover new monetization methods with Net 3.

“Once we all pull this off, we’d onboard 500M web2 customers into web3 after which there isn’t any going again. Let me say that once more – 500 million new crypto customers.”

Associated: Reddit may be preparing to launch its own NFT platform

Reddit has been residence to quite a lot of community-driven crypto initiatives together with Dogecoin (DOGE) fundraisers and continues to cater to an enormous crypto group.

On Oct. 22, Cointelegraph reported on Reddit’s lookout for a senior backend engineer for a platform chargeable for “tens of millions of customers to create, purchase, promote and use NFT-backed digital items.” In line with Reddit through the job posting:

“With each new NFT challenge, a vibrant group of householders pops up with it. Over time, we consider it will solely develop, and NFTs will play a central function in how followers assist their favourite creators and communities.”

Different social media platforms together with Twitter and TikTok have additionally started allowing NFT exposure to its users, signaling an even bigger chance of crypto’s mainstream adoption.