Reddit to reportedly tokenize karma issues and onboard 500M new customers
American social media massive Reddit would possibly quickly convert customers’ karma issues into Ethereum-based (ERC-20) tokens and onboard 500 million new Crypto customers within the procedure, consistent with a newly employed Reddit engineer.
A chain of tweets made by way of Reddit engineer, Rahul, highlights Reddit’s efforts to reinforce person interplay thru more than a few cryptocurrency projects. As Cointelegraph reported in July 2021, the platform had introduced its personal layer-two rollup the usage of Arbitrum generation for its rewards issues, named Community Points. According to the website online:
“Your Community Points exist at the Blockchain, independently of Reddit, the place they are able to most effective be managed by way of you (similar to Bitcoin (BTC) !).”
How can we pull this off?
Reddit has partnered with @OffchainLabs (@arbitrum) and created our personal separate example.
Community issues 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 introduction of a separate Blockchain example, for use for storing customers’ tokenized network issues.
Currently, the network issues of more or less 80,000 customers from two subreddits — r/cryptocurrency and r/FortNiteBR — were moved to the Rinkeby Testnet at the Arbitrum community, which, consistent with Rahul, shall be scaled for gasless transactions:
Moreover, Reddit communities can even be capable of fork blockchains thru community-based selections, along with permitting the scope to discover new monetization methods with Web 3.0.
“When all of us pull this off, we might onboard 500M web2 customers into web3 after which there is not any going again. Let me say that once more – 500 million new Crypto customers.”
Related: Reddit is also getting ready to release its personal NFT platform
Reddit has been house to a variety of community-driven Crypto projects together with Dogecoin (DOGE) fundraisers and continues to cater to a limiteless Crypto network.
On Oct. 22, Cointelegraph reported on Reddit’s lookout for a senior backend engineer for a platform accountable for “thousands and thousands of customers to create, purchase, promote and use NFT-backed virtual items.” According to Reddit by means of the activity posting:
“With each new NFT undertaking, a colourful network of householders pops up with it. Over time, we imagine this may increasingly most effective develop, and NFTs will play a central position in how lovers improve their favourite creators and communities.”
Other social media platforms together with Twitter and TikTok have additionally began permitting NFT publicity to its customers, signaling a larger risk of Crypto’s mainstream adoption.
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