Reddit to reportedly tokenize karma factors and onboard 500M new customers
American social media big, Reddit, might quickly convert customers’ karma factors into Ethereum-based (ERC-20) tokens and onboard 500 million new crypto customers within the course of, based on a newly employed Reddit engineer.
A sequence of tweets made by Reddit engineer, Rahul, highlights Reddit’s efforts to enhance person interplay via numerous cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its personal layer-2 rollup utilizing Arbitrum expertise for its rewards factors, named Community Points. According to the web site:
“Your Community Points exist on the blockchain, independently of Reddit, where they can only be controlled by you (just like Bitcoin (BTC) !).”
How will we pull this off?
Community factors for two subreddits (~80,000 customers) are already on Rinkeby Testnet on our Arbitrum community (separate to Arbitrum One).
— Rahul (@iamRahul20x) November 3, 2021
Reddit’s partnership with Offchain Labs’ Arbitrum community will permit for the creation of a separate blockchain occasion, for use for storing customers’ tokenized neighborhood factors.
Currently, the neighborhood 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, will likely be scaled for gasless transactions:
Moreover, Reddit communities can even have the power to fork blockchains via community-based choices, along with permitting the scope to discover new monetization methods with Web 3.
“When we all pull this off, we would onboard 500M web2 users into web3 and then there is no going back. Let me say that again – 500 million new crypto users.”
Related: Reddit could also be making ready to launch its personal NFT platform
Reddit has been residence to a lot of community-driven crypto initiatives together with Dogecoin (DOGE) fundraisers and continues to cater to an enormous crypto neighborhood.
On Oct. 22, Cointelegraph reported on Reddit’s lookout for a senior backend engineer for a platform accountable for “millions of users to create, buy, sell and use NFT-backed digital goods.” According to Reddit through the job posting:
“With every new NFT project, a vibrant community of owners pops up with it. 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 together with Twitter and TikTok have additionally began permitting NFT publicity to its customers, signaling an even bigger chance of crypto’s mainstream adoption.