The American social media giant Reddit could soon convert users’ karma points to Ethereum-based tokens (ERC-20) and incorporate 500 million new cryptocurrency users in the process., according to a newly hired Reddit engineer.
A series of tweets made by 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 launched its own layer two rollup using Arbitrum technology for its reward points, called 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 will we pull this off?
Reddit has partnered with @OffchainLabs (@arbitrum) and created our own separate instance.
Community points for 2 subreddits (~ 80,000 users) are already on Rinkeby Testnet on our Arbitrum network (separate to Arbitrum One).
– Rahul (@ iamRahul20x) November 3, 2021
How will we achieve this?
Reddit partnered with @OffchainLabs (@arbitrum) and created our own separate instance.
Community points for 2 subreddits (~ 80,000 users) are already on Rinkeby Testnet on our Arbitrum network (separate from Arbitrum One).
Reddit’s partnership with Offchain Labs ‘Arbitrum network will allow for the creation of a separate blockchain instance, which will be used to store users’ tokenized community points.
Currently, community points of approximately 80,000 users from two subreddits, r / cryptocurrency and r / FortNiteBR, have been moved to Rinkeby Testnet on the Arbitrum network, which, according Rahul, will scale for non-gas transactions.
Additionally, Reddit communities will also have the ability to fork blockchains through community-based decisions, as well as allowing the scope to explore new monetization strategies with Web 3.0.
“When we all do this, we add 500 million web2 users to web3 and there will be no going back. Let me say it again: 500 million new cryptocurrency users. “
Reddit has been home to a number of community-driven crypto initiatives, including the Dogecoin (DOGE) fundraisers, and continues to serve a vast crypto community.
On October 22, Cointelegraph reported on Reddit’s search for a senior backend engineer for a platform responsible for “millions of users creating, buying, selling and using NFT-backed digital products.” According to Reddit via the job posting:
“With each new NFT project, a vibrant community of owners appears. Over time, we believe this will only grow, and NFTs will play a central role in how fans support their favorite creators and communities. “
Other social media platforms, such as Twitter and TikTok, have also started to allow NFT’s exposure to their users, indicating a greater possibility of widespread adoption of cryptocurrencies.
Keep reading: