{"id":13339,"date":"2021-11-06T16:42:44","date_gmt":"2021-11-06T15:42:44","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=13339"},"modified":"2021-11-06T23:00:45","modified_gmt":"2021-11-06T22:00:45","slug":"https-coinscreed-com-reddit-is-reportedly","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/https-coinscreed-com-reddit-is-reportedly\/","title":{"rendered":"Reddit is reportedly planning to tokenize karma points and onboard 500 million new members."},"content":{"rendered":"\n
Rahul, a Reddit programmer, discusses the social media platform's efforts to boost user involvement by implementing various cryptocurrency schemes.<\/h5>\n\n\n\n
\"Reddit
Reddit is reportedly planning to tokenize karma points and onboard 500 million new members.<\/figcaption><\/figure>\n\n\n\n

According to a newly hired Reddit\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> programmer, the American social media giant Reddit may soon turn users' karma points into Ethereum-based (ERC-20) tokens, onboarding 500 million new crypto<\/a> users in the process.<\/p>\n\n\n\n

Reddit's Attempts to Increase User Interaction<\/h2>\n\n\n\n

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<\/use><\/svg><\/span><\/a> announced that the site had launched Community Points, a layer-two rollup based on Arbitrum technology for its rewards points. According to the website, <\/p>\n\n\n\n

\u201cYour Community Points exist on the blockchain, independently of Reddit, where they can only be controlled by you (just like Bitcoin (BTC)<\/use><\/svg><\/span><\/a> !).\u201d<\/p>

How are we going to pull this off?<\/p>

Reddit has teamed up with @OffchainLabs <\/use><\/svg><\/span><\/a> (@arbitrum)<\/use><\/svg><\/span><\/a> to launch our own instance.<\/p>

On our Arbitrum network, community points for two subreddits (each with 80,000 subscribers) are already available on Rinkeby Testnet (separate to Arbitrum One).<\/p>\u2014 Rahul (@iamRahul20x) November 3, 2021<\/use><\/svg><\/span><\/a><\/cite><\/blockquote>\n\n\n\n

Because of Reddit's relationship with Offchain Labs' Arbitrum network, a second blockchain instance will be created to store users' tokenized community points.<\/p>\n\n\n\n

Currently, 80,000 community points from two subreddits \u2014 r\/cryptocurrency and r\/FortNiteBR \u2014 have been transferred to the Rinkeby Testnet on the Arbitrum network, which will be scaled for gasless transactions.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\u201cWhen 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.\u201d<\/p>\u2014 Rahul (@iamRahul20x) November 3, 2021<\/use><\/svg><\/span><\/a><\/cite><\/blockquote>\n\n\n\n

Reddit has hosted a variety of community-driven crypto initiatives, such as Dogecoin (DOGE) fundraisers, and it continues to serve a large crypto community.<\/p>\n\n\n\n

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<\/use><\/svg><\/span><\/a>:<\/p>\n\n\n\n

\u201cWith 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”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":29,"featured_media":13340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,21],"tags":[5369],"class_list":["post-13339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","category-news","tag-reddit-crypocurrency-blockchain-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/11\/3500.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=13339"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13339\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/13340"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=13339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=13339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=13339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}