American social media large Reddit could quickly convert customers’ karma factors into Ethereum-based (ERC-20) tokens and onboard 500 million new crypto customers within the course of, in line with a newly employed Reddit engineer.
A sequence of tweets made by Reddit engineer, Rahul, highlights Reddit’s efforts to enhance person interplay via numerous cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its own layer-two rollup utilizing Arbitrum know-how for its rewards factors, named Neighborhood Factors. According to the web site:
“Your Neighborhood Factors exist on the blockchain, independently of Reddit, the place they’ll solely be managed by you (identical to Bitcoin (BTC) !).”
How will we pull this off?
Neighborhood factors for two subreddits (~80,000 customers) are already on Rinkeby Testnet on our Arbitrum community (separate to Arbitrum One).
— Rahul (@iamRahul20x) November 3, 2021
Reddit’s partnership with Offchain Labs’ Arbitrum community will permit for the creation of a separate blockchain occasion, for use for storing customers’ tokenized group factors.
Presently, the group 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, will probably be scaled for gasless transactions:
Furthermore, Reddit communities will even have the flexibility to fork blockchains via community-based selections, along with permitting the scope to discover new monetization methods with Internet 3.0.
“Once we all pull this off, we might 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.”
Reddit has been residence to a lot of community-driven crypto initiatives together with Dogecoin (DOGE) fundraisers and continues to cater to an unlimited crypto group.
On Oct. 22, Cointelegraph reported on Reddit’s lookout for a senior backend engineer for a platform chargeable for “tens of millions of customers to create, purchase, promote and use NFT-backed digital items.” In line with Reddit through the job posting:
“With each new NFT venture, a vibrant group of householders pops up with it. Over time, we consider this may solely develop, and NFTs will play a central function in how followers assist their favourite creators and communities.”
Different social media platforms together with Twitter and TikTok have additionally started allowing NFT exposure to its users, signaling an even bigger chance of crypto’s mainstream adoption.