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

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, in response 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 numerous cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its personal layer-2 rollup utilizing Arbitrum know-how for its rewards factors, named Group Factors. In keeping with the web site:

“Your Group Factors exist on the blockchain, independently of Reddit, the place they will 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, for use for storing customers’ tokenized neighborhood factors. 

Presently, 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, shall be scaled for gasless transactions:

Furthermore, Reddit communities may also have the power to fork blockchains by way of community-based selections, along with permitting the scope to discover new monetization methods with Net 3.

“After we all pull this off, we’d onboard 500M web2 customers into web3 after which there isn’t a going again. Let me say that once more – 500 million new crypto customers.”

Associated: Reddit could also be getting 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 “hundreds of thousands of customers to create, purchase, promote and use NFT-backed digital items.” In keeping with Reddit through the job posting:

“With each new NFT venture, a vibrant neighborhood of householders pops up with it. Over time, we consider this may solely develop, and NFTs will play a central position in how followers assist their favourite creators and communities.”

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