Reddit is said to symbolize karma points and add 500 million new users – News Couple

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

The US social media giant Reddit may soon convert users’ karma points into Ethereum-based tokens (ERC-20) and onboard 500 million new crypto users in the process, according to a newly appointed Reddit engineer.

A series of tweets by Reddit engineer Rahul, Highlights Reddit’s efforts to improve user interaction through several cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform launched its own set of second tiers using Arbitrum technology for its reward points, called Community Points. According to the site:

“Your community points are on the blockchain, independent of Reddit, where only you can control them (just like Bitcoin (BTC)!).

Reddit’s partnership with Offchain Labs’ Arbitrum network will allow a separate blockchain instance to be created, to be used to store users’ token community points.

Currently, the community score of nearly 80,000 users from two sub-divisions – r/cryptocurrency and r/FortNiteBR – has been transferred to the Rinkeby Testnet on the Arbitrum network, which, according to To Rahul, it will scale to gas-free transactions:

Furthermore, Reddit communities will also have the ability to deconstruct blockchains through community-based decisions, as well as allowing domain to explore new monetization strategies with Web 3.0.

“When we all get this done, we get 500 million web2 users into web3 and then there will be no going back. Let me say it again – 500 million new crypto users.”

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

Reddit has been home to a number of community-led crypto initiatives including the Dogecoin Fundraising (DOGE) and continues to cater to the broad crypto community.

On October 22, Cointelegraph reported on a Reddit search for a senior backend engineer for a platform responsible for “millions of users to create, buy, sell and use digital goods backed by NFT.” According to Reddit via the job post:

“With each new NFT project, a vibrant community of owners emerges with it. Over time, we believe this will only evolve, and NFTs will play a key role in how fans support their favorite creators and communities.”

Other social media platforms including Twitter and TikTok have also begun to allow NFT exposure to their users, indicating a greater potential for mainstream crypto adoption.