According to reports, Reddit will tokenize karma points and add 500 million new users

According to a newly hired Reddit engineer, the US social media giant Reddit may soon convert users’ karma points into Ethereum-based (ERC-20) tokens and add 500 million new crypto users in the process .

A series of tweets by Reddit engineer Rahul, emphasize Reddit strives to improve user interaction through various cryptocurrency programs.As Cointelegraph reported in July 2021, the platform has launched its own Tier 2 summary of earning bonus points using Arbitrum technology, Named as community points. according to To the website:

“Your community points exist on the blockchain, independent of Reddit, where they can only be controlled by you (just like Bitcoin (Bitcoin)! )”

Reddit’s collaboration with Offchain Labs’ Arbitrum network will allow the creation of a separate blockchain instance to store users’ tokenized community points.

Currently, the community points of approximately 80,000 users from two sub-forums-r/cryptocurrency and r/FortNiteBR-have been transferred to the Rinkeby testnet on the Arbitrum network, where according to To Rahul, it will be expanded for gas-free transactions:

In addition, the Reddit community will also have the ability to fork the blockchain through community-based decisions, in addition to allowing exploration of new monetization strategies through Web 3.

“When we all do this, we will add 500 million web2 users to web3, and then there will be no turning back. Let me say it again-500 million new encrypted users.”

related: Reddit may be preparing to launch its own NFT platform

Reddit has been home to many community-driven crypto projects, including Dogecoin (dog) Fundraising activities and continue to cater to the huge crypto community.

On October 22, Cointelegraph reported that Reddit was looking for senior back-end engineers for a platform that was responsible for “millions of users creating, buying, selling, and using NFT-backed digital goods.” According to information posted on Reddit through the job:

“For every new NFT project, there will be a vibrant community of owners. Over time, we believe this will only grow, and NFT will play the core in how fans support their favorite creators and communities effect.”

Other social media platforms including Twitter and TikTok also Start to allow NFT to be exposed to users, Indicating that cryptocurrency is more likely to be adopted by the mainstream.