Reddit reportedly tokenize karma points and add 500 million new users

Spain, Barcelona, Sant Adrià de Besòs

Published 3 years ago

ID #978

1 photo

Details Contact

Full Node

Reddit reportedly tokenize karma points and add 500 million new users

Spain, Barcelona, Sant Adrià de Besòs,

Published 3 years ago

X-Node Details

American social media giant Reddit could soon convert user karma points to Ethereum-based tokens (ERC-20) and onboard 500 million new cryptocurrency users in the process, according to a newly hired Reddit engineer. .

Reddit implements a layer 2 solution aimed at scaling Ethereum-based Community Points

A series of tweets made by Reddit engineer Rahul highlights Reddit's efforts to improve user interaction through various cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its own layer two rollup using Arbitrum technology for its reward points, called Community Points. According to the website:

"Your Community Points exist on the blockchain, independent of Reddit, where only you can control them (like Bitcoin (BTC)!)."

How will we pull this off? Reddit has partnered with @OffchainLabs (@arbitrum) and created our own separate instance. Community points for 2 subreddits (~ 80,000 users) are already on Rinkeby Testnet on our Arbitrum network (separate to Arbitrum One).