According to a newly hired Reddit engineer, the American social media giant Reddit can convert users’ karma points into Ethereum-based tokens (ERC-20) and attract 500 million new crypto users.
A series of tweets from Reddit engineer Rahul highlight Reddit’s efforts to improve user experience through various crypto initiatives. As Cointelegraph reported in July 2021, the platform launched its second tier accretion package using Arbitrum technology for reward points called Community Points. According to the site:
“Your community points are on the blockchain independent of Reddit, where only you can control them (just like Bitcoin (BTC)!).
Reddit’s partnership with the Arbitrum Offchain Labs network will create a separate blockchain instance that will be used to store tokens for the user community.
Currently, the community score of nearly 80,000 users from two sub-divisions – r/cryptocurrency and r/FortNiteBR – has been moved to the Rinkeby Testnet on the Arbitrum network, which Rahul says will expand the scope of gas-free transactions:
In addition, Reddit communities will also have the ability to share the blockchain through community-led decisions, as well as the ability to explore new strategies for generating income using Web 3.0.
“When we do that, we will connect 500 million web2 users to web3, and then there will be no turning back. Let me say it again – 500 million new crypto users.”
RELATED: Reddit could be preparing to launch its NFT platform
Reddit has been home to a number of crypto community initiatives, including Dogecoin Fundraising (DOGE), and continues to serve a large crypto community.
On October 22, Cointelegraph reported that Reddit was looking for a senior back-end engineer for the platform who would be responsible for “the millions of users who can create, buy, sell and use NFT-enabled digital goods.” According to Reddit via the job posting:
“With every new NFT project, there is a vibrant community of owners. We believe this will grow over time, and NFT will play a key role in how fans support their favorite creators and communities.”