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The content rating and discussion website of Reddit are turning heads as of late after it was revealed that it might turn its Redditors’ karma points into crypto tokens.
Reports suggest that this came from a Reddit engineer that has recently joined the team. Also, it was learned that provided this one fits in the bag, Reddit users’ karma points will be converted into tokens that are Ethereum-based (ERC-20).
Newly hired Rahul – in a string of tweets – revealed that he’s joining Reddit’s so-called crypto team. Further, he stated that one might ask what is “Reddit doing crypto” to which the engineer responded in three words, “Decentralise. Social. Media.”
He added that once Reddit pulls this endeavor off, they would onboard 500 million Web2 users into Web3 as he stated that there’s no going back from that point. In another tweet, Rahul went on to note that it is time to take back control and make the interwebs “truly open and break free.”
Teaming up with Off-chain Labs
There was even a tweet from this Rahul fellow claiming that Reddit has teamed up with Offchain Labs which is described as an “optimistic rollup protocol currently on testnet” adding that they’ve created their separate instance. In turn, the network dubbed as Arbitrum from Off-chain will allow for the conception of a separate blockchain instance as this will be utilized as a form of storage of users’ soon-to-be tokenized karma points.
As of late, the karma points of two subreddits – r/FortNiteBR and r/cryptocurrency – have been transferred to the Rinkeby Testnet on the Arbitrum network. This translates to about 80,000 users from these subreddits alone as Rahul stated that these will be scaled for “gasless transactions.”
Another feature the engineer highlighted is that the communities over on Reddit will be enabled to fork blockchains via community-based decisions, not to mention allowing the scope to take a look at monetization strategies alongside Web3.
It can be recalled that back in October, Reddit has been reported to be looking for a senior backend engineer who will be working on the social media site’s platform that will be responsible for millions of users to create, purchase, and sell nonfungible token-backed digital goods.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
