American social media big, Reddit, could quickly convert customers’ karma factors into Ethereum-based (ERC-20) tokens and onboard 500 million new crypto customers within the course of, in line with a newly employed Reddit engineer.
A collection of tweets made by Reddit engineer, Rahul, highlights Reddit’s efforts to enhance person interplay by way of numerous cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its personal layer-2 rollup utilizing Arbitrum expertise for its rewards factors, named Group Factors. According to the web site:
“Your Group Factors exist on the blockchain, independently of Reddit, the place they will solely be managed by you (identical to Bitcoin (BTC) !).”
How will we pull this off?
Group 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, might be scaled for gasless transactions:
Furthermore, Reddit communities may also have the power to fork blockchains by way of community-based choices, along with permitting the scope to discover new monetization methods with Net 3.
“After we all pull this off, we might 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 could also be getting ready to launch its personal NFT platform
Reddit has been residence to quite a few 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 answerable for “tens of millions of customers to create, purchase, promote and use NFT-backed digital items.” In keeping with Reddit by way of the job posting:
“With each new NFT undertaking, a vibrant group of homeowners pops up with it. Over time, we consider this may solely develop, and NFTs will play a central position in how followers assist their favourite creators and communities.”
Different social media platforms together with Twitter and TikTok have additionally began permitting NFT publicity to its customers, signaling a much bigger chance of crypto’s mainstream adoption.