Reddit is speeding up efforts to integrate platform with crypto
The platform is planning to convert Karma points to ERC-20 crypto tokens
Other social networking platforms like Meta and Twitter are also adopting
Reddit has partnered with OffChinaLabs that is building scaling solutions for Ethereum blockchain
Photo Credit: Unsplash/ Brett Jordan
Social networking platform Reddit seems to be catching up with the crypto culture and is likely to join contemporaries like Facebook on the next chapter of the Internet revolution. The platform is planning to offer Ethereum-based crypto tokens to people with specific numbers of Karma Points. An engineer working with Reddit earlier this month revealed fresh details on the pro-crypto changes that are being considered for implementation on the platform that, according to him, is used by 500 million monthly active users.
Karma Points are awarded to Reddit users if their post threads gather votes. By transforming these Karma Points into ERC-20 tokens, the platform aims to move its 500 million users onto the Web3.0 – which is the progression of the Internet we know today.
Reddit has 500M monthly active users.
When we all pull this off, we would onboard 500M web2 users into web3 and then there is no going back.
As per the engineer Rahul Kothari, Reddit aims to decentralise the Internet that could benefit the individuals and communities that thrive on the platform.
“Users control their community points, their profiles, and their own communities. Ideally, we all want to live in a world where one company/ person can't make such decisions but rather a community does!” Kothari tweeted.
The platform has also partnered with OffChinaLabs — a New York-based company that is building a suite of scaling solutions for the Ethereum blockchain to support their future plans.
“We believe in a new dawn for the Internet, where it can be free once again. We don't have all the answers, but we believe together we can find a way,” reads a blog post on Reddit, while inviting people to “create a vault” and join it in a “new beginning”.
Kothari believes that integrating crypto into the Reddit infrastructure could lead to the emergence of more decentralised finance (DeFi) protocols and applications around non-fungible tokens (NFTs).
Everything will be permissionless, open-source and decentralised just like crypto. I can't wait for it to hit mainnet and see how DAOs are formed and what DeFi, NFT applications might emerge ????
Reddit's fast-tracked inclination towards the crypto space comes just days after Facebook announced its rebranding to “Meta” — validating the crypto-backed future of the Internet.
In a pro-crypto approach, Twitter is also testing a new tab that will allow users to showcase their NFT collections on the micro-blogging platform. NFTs are digital collectibles inspired by real-life objects and can be purchased using crypto assets.
In recent times, crypto adoption has witnessed significant growth in several parts of the world including India, Pakistan, Vietnam, and the US, among other nations.
In September, El Salvador became the first in the world to legalise Bitcoin as a legal tender alongside its fiat currency, the US Dollar.
In October, the market capitalisation of all the cryptocurrencies put together crossed a milestone of $2.5 trillion (roughly Rs. 1,87,42,625 crore), according to cryptocurrency tracker CoinMarketCap.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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