Rahul, a Reddit programmer, discusses the social media platform’s efforts to boost user involvement by implementing various cryptocurrency schemes.
According to a newly hired Reddit programmer, the American social media giant Reddit may soon turn users’ karma points into Ethereum-based (ERC-20) tokens, onboarding 500 million new crypto users in the process.
Reddit’s Attempts to Increase User Interaction
Rahul, a Reddit programmer, highlighted Reddit’s efforts to boost user interaction through various cryptocurrency initiatives in a series of tweets. In July 2021, Cointelegraph announced that the site had launched Community Points, a layer-two rollup based on Arbitrum technology for its rewards points. According to the website,
“Your Community Points exist on the blockchain, independently of Reddit, where they can only be controlled by you (just like Bitcoin (BTC) !).”
How are we going to pull this off?
On our Arbitrum network, community points for two subreddits (each with 80,000 subscribers) are already available on Rinkeby Testnet (separate to Arbitrum One).— Rahul (@iamRahul20x) November 3, 2021
Because of Reddit’s relationship with Offchain Labs’ Arbitrum network, a second blockchain instance will be created to store users’ tokenized community points.
Currently, 80,000 community points from two subreddits — r/cryptocurrency and r/FortNiteBR — have been transferred to the Rinkeby Testnet on the Arbitrum network, which will be scaled for gasless transactions.
According to Rahul: Furthermore, Reddit communities will be able to fork blockchains based on community decisions, enabling for the exploration of new revenue models with Web 3.0.
“When we all pull this off, we would onboard 500M web2 users into web3 and then there is no going back. Let me say that again – 500 million new crypto users.”— Rahul (@iamRahul20x) November 3, 2021
Reddit has hosted a variety of community-driven crypto initiatives, such as Dogecoin (DOGE) fundraisers, and it continues to serve a large crypto community.
Cointelegraph reported on Reddit’s search for a senior backend engineer for a platform that allows “millions of users to produce, buy, sell, and use NFT-backed digital commodities” on October 22. According to the job advertising on Reddit:
“With every new NFT project, a vibrant community of owners pops up with it. Over time, we believe this will only grow, and NFTs will play a central role in how fans support their favorite creators and communities”