American social media big Reddit might quickly convert customers’ karma factors into Ethereum-based (ERC-20) tokens and onboard 500 million new crypto customers within the course of, based on a newly employed Reddit engineer.
A collection of tweets made by Reddit engineer, Rahul, highlights Reddit’s efforts to enhance consumer interplay by means of 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.
At the moment, 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, can be scaled for gasless transactions:
Furthermore, Reddit communities can even have the power to fork blockchains by means of community-based choices, along with permitting the scope to discover new monetization methods with Internet 3.0.
“Once we all pull this off, we’d 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 various 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 accountable for “thousands and thousands of customers to create, purchase, promote and use NFT-backed digital items.” In response to Reddit through the job posting:
“With each new NFT undertaking, a vibrant group of householders pops up with it. Over time, we consider this can solely develop, and NFTs will play a central position in how followers help their favourite creators and communities.”
Different social media platforms together with Twitter and TikTok have additionally started allowing NFT exposure to its users, signaling a much bigger chance of crypto’s mainstream adoption.