According to the developer of the social network, the idea is to make it a more decentralized space with the support of Blockchain and tokens.
The popular social network that serves as a forum for many topics on the Internet, Reddit, apparently he has plans to convert karma points awarded to users into tokens ERC-20, with which it would formally incorporate a dynamic linked to the use of cryptocurrencies within its platform.
This was revealed in a set of messages through his account Twitter the engineer of Reddit, Rahul, who shared with his followers part of the efforts they are carrying out to improve the experience of all users of the social network, while implementing new dynamics to attract a greater variety of people.
In one of the messages published by Rahul it reads:
“Your Karma points will soon be tokens… think:
Subreddits are forking if they disagree. “
Your Karma points will soon be tokens ♥https://t.co/FXdEbeynph
– community-based decisions.
– forking subreddits in disagreements.
And all of this without even losing your community points?
It’s like moving from fb to Twitter without having to rebuild your followers.
– Rahul ???????? (@ iamRahul20x) November 3, 2021
In other messages Rahul complemented saying:
“Your community points exist on the Blockchain network, independent of Reddit, where only you can control them (like Bitcoin!”
Tokenizing points of Reddit
According to the developer, all this is possible thanks to an alliance with the network Arbitrum from Off-Chain Labs. The latter will allow the creation of an instance Blockchain separate, which will be used to store users’ tokenized community points.
In this regard, Rahul indicated that the points of several subreddits are already operating on the Testnet Rinkeby of the network Arbitrum, which will be scaled to carry out transactions that do not involve the payment of GAS. However, the projections go much further, so it looks like Reddit will go big with the bulk of its user community later on:
“When we all did it, we added 500 million web2 users to web3 and there is no going back. Let me say it again: 500 million new crypto users. “
Reddit and cryptocurrencies
In addition to being home to hundreds of groups and thousands of users associated with digital currencies, in the past Reddit has announced plans to involve the platform with new technologies, so this adds to the intentions of the social network to give step to cryptocurrencies for everything big.
Previously, the Reddit team revealed that they wanted to tokenize community points managed by their users, in addition to their plans to launch a platform for digital collectibles. (NFT), with which it would allow to share and commercialize art collections so that people can generate income derived from this activity.
Source: Thecryptobasic, Twitter
Version by Angel Di Matteo / DailyBitcoin
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