Tuesday, March 21, 2023

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


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American social media big Reddit might quickly convert users’ karma points into Ethereum-based (ERC-20) tokens and onboard 500 million new crypto users within the course of, in accordance to a newly employed Reddit engineer.

A collection of tweets made by Reddit engineer, Rahul, highlights Reddit’s efforts to enhance person interplay by way of varied cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its own layer-two rollup utilizing Arbitrum expertise for its rewards points, named Group Points. According to the web site:

“Your Group Points 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, to be used for storing users’ tokenized group points. 

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

Furthermore, Reddit communities may even have the flexibility to fork blockchains by way of community-based choices, as well as to permitting the scope to discover new monetization methods with Net 3.0.

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

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

Reddit has been dwelling to 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 “thousands and thousands of users to create, purchase, promote and use NFT-backed digital items.” In accordance to Reddit by way of the job posting:

“With each new NFT mission, a vibrant group of householders pops up with it. Over time, we consider this can 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 risk of crypto’s mainstream adoption.