Rahul, a Reddit engineer, talks about how the social media platform is trying to increase user participation by adopting various cryptocurrency schemes.
Reddit may soon turn user’s karma points into ERC20 tokens
According to a newly hired Reddit programmer, the American social media behemoth may soon turn users’ karma points into Ethereum-based (ERC-20) tokens, onboarding 500 million new crypto users in the process.
Rahul, a Reddit programmer, highlighted Reddit’s efforts to boost user interaction through various cryptocurrency initiatives in a series of tweets. Cointelegraph stated in July 2021 that the site had developed Community Points, a layer-2 rollup for its rewards points based on Arbitrum Technology.
Surely there are better ways to monetize than just creating walled gardens. One that is a WIN-WIN. One where even users can earn by curating content.
Recently read a beautiful thread by @evan_greer on smth similar:https://t.co/rje8F7GgGV
— Rahul 🔊🦇 (@iamRahul20x) November 3, 2021
Because Reddit collaborated with OffChain Labs’ Arbitrum network, a second Blockchain instance will be created to store users’ tokenized community points.
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
Currently, 80,000 community points from two subreddits — r/cryptocurrency and r/FortNiteBR — have been moved to the Rinkeby Testnet on the Arbitrum network, which will be scalable for gasless transactions, according to Rahul.
Furthermore, Reddit communities will be able to fork blockchains based on community decisions, enabling the exploration of new monetization models using Web 3.
Reddit has hosted a variety of community-driven crypto initiatives, such as Dogecoin (DOGE) fundraisers, and it continues to serve a large crypto community. Cointelegraph reported on Reddit’s search for a senior backend engineer for a platform that allows “millions of users to produce, buy, sell, and use NFT-backed digital commodities” on October 22.
According to the job advertisement on Reddit: “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, such as Twitter and TikTok, have begun to enable NFT exposure to its users, indicating that crypto’s mainstream adoption is becoming more likely.
Twitter is experimenting with NFTs to allow users to display their collections as profile images, after seeing its user base continuously increase to over 185 million users last year.
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