Reddit to Supposedly Tokenize Karma Points, Aims Signing Up 500mln New Users November 6, 2021 November 6, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 6, 2021 by Kelly Cromley

Reddit to Supposedly Tokenize Karma Points, Aims Signing Up 500mln New Users

According to a recently hired Reddit programmer, the American social media giant could easily transform users’ karma points into Ethereum-based (ERC-20) tokens and enrol 500 million additional cryptocurrency users over the course of the year.

A series of tweets sent by Reddit developer Rahul demonstrates the company’s attempts to improve user interaction via a variety of cryptocurrency projects. According to a storey published by Cointelegraph in July 2021, the network had developed its own layer-2 rollup leveraging Arbitrum technology for its rewards points, which it dubbed Community Points at the time.

A second blockchain event will be created for storing users’ tokenized neighbourhood points, according to the website’s description. Reddit’s cooperation with Offchain Labs’ Arbitrum community will allow for the development of a distinct blockchain event.

According to Rahul, the Rinkeby Testnet on the Arbitrum community can be expanded for gasless transactions since it has the neighbourhood points of around 80,000 people from two subreddits — r/cryptocurrency and r/FortNiteBR — now in use. Furthermore, Reddit communities will have the ability to fork blockchains based on community-driven decisions, as well as the opportunity to explore new revenue models via the use of the Web 3.

Several community-driven crypto efforts, like Dogecoin (DOGE) fundraisers, have taken place on Reddit, and the site continues to serve a large crypto community to this day.
Notably, Reddit is on the search for a senior backend developer for a platform that “allows millions of users to produce, purchase, trade, and utilise NFT-backed digital items,” according to the job description.

According to the job offering on Reddit: “Other social media sites, such as Twitter and TikTok, have also begun allowing NFT exposure to their users, indicating a far greater likelihood of cryptocurrency’s widespread acceptance.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.