According to a newly hired Reddit programmer, the American social media behemoth may soon transform users’ karma points into Ethereum-based (ERC-20) tokens, potentially adding 500 million new crypto users.
Furthermore, for its rewards points, the platform has created Community Points, a layer-2 rollup that used Arbitrum technology. As stated, on the website:
“Apart from Reddit, your Community Points are kept on the blockchain and can only be controlled by you (much like Bitcoin (BTC)!)“
Additionally, with Offchain Labs’ Arbitrum network, a second blockchain instance will be available to store users’ tokenized community points.
Currently, 80,000 community points from two subreddits, r/cryptocurrency and r/FortNiteBR, transferred to the Arbitrum Rinkeby Testnet. Besides, according to Rahul, the system will be scaled to handle gasless transactions.
In addition, Reddit communities will be able to fork blockchains based on community decisions. In order to allow them to experiment with new revenue tactics using Web 3.
“If we all pull it off, 500 million web2 users will switch to web3. And there will be no turning back. I’ll say it again (500 million new crypto users).”
NFTs vital part in how people support their favourite creators and communities
In fact, Reddit has been home to a number of community-driven crypto initiatives including Dogecoin (DOGE) fundraisers and continues to cater to a vast crypto community.
On the other hand, as reported on Oct. 22, Reddit was looking for a senior backend engineer to work on a platform that enables “millions of users to make, buy, trade, and utilise NFT-backed digital commodities.” According to a Reddit job listing.
“A robust community of owners arises with each new NFT project. We believe that this trend will continue, and that NFTs will become a bigger part of how consumers support their favourite creators and communities.“
In like manner, other social media sites, including Twitter and TikTok, have begun to enable users to see NFTs. Which indicates that crypto’s mainstream acceptance is becoming more likely.