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

Reddit engineer, Rahul, highlights the social media platform’s efforts to enhance person interplay by way of varied cryptocurrency initiatives.

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

American social media big, Reddit, could 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 CryptoPumpNews reported in July 2021, the platform had launched its personal layer-2 rollup utilizing Arbitrum expertise for its rewards points, named Community Points. According to the web site:

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 neighborhood points. 

Currently, the neighborhood 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 in accordance to Rahul, will probably be scaled for gasless transactions:

Moreover, Reddit communities may also have the flexibility to fork blockchains by way of community-based selections, as well as to permitting the scope to discover new monetization methods with Web 3.

Related:

Reddit has been residence to various community-driven crypto initiatives together with Dogecoin (DOGE) fundraisers and continues to cater to an unlimited crypto neighborhood.

On Oct. 22, CryptoPumpNews reported on Reddit’s lookout for a senior backend engineer for a platform liable for “millions of users to create, buy, sell and use NFT-backed digital goods.” According to Reddit by way of the job posting:

Other social media platforms together with Twitter and TikTok have additionally began permitting NFT publicity to its users, signaling an even bigger chance of crypto’s mainstream adoption.

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