December 5, 2022

Reddit Plans To Onboard 500M New Cryptocurrency Users

Reddit intends to shortly tokenize karma points as well as onboard up to 500M additional customers on Web 3. Rahul Kothari has declared the organization’s plans previously in the week on joining the crypto engineering section of the respective company.

Generating tokens and customer support

The software engineer revealed through the terms decentralization and social media, that he would work under the company with a few of the most intelligent engineers to convert karma points into digital tokens. He explained the outcomes by describing that a person would be able to shift from one social media venue to another without rebuilding the follower base. Karma points are known as the points scored by the consumers through their comment(s) or post(s) on Reddit, and these are upvoted on the behalf of the members. After Reddit’s foundation in 2005, it has rapidly advanced into a prominent platform for investment and financial discussions by customers in subreddits, among them some generated huge price surges.

A similar instance would be known as AMC as well as Game stock push which began from the currently famous Wallstreetbets discussion venue previously in this year. Cryptocurrency certainly has not been lagging as it presently occupies a majority of discussions related to investment. Though consumers who can participate in significant and upvoted crypto topics cannot monetize on their concepts, Rahul considers that they will get rewarded for their efforts as well as motivation after the exchange of the karma points thereof into tokens. Apart from ownership, a financial cause also exists behind doing this, and that is to discover a unique strategy for monetization, he stated.

Establishing a decentralized forum

Additionally, he is of the view that after accomplishing the tokenization, the institution will incorporate new 500M, active users of web 2, into web 3. As the consumers of web 2.0 were open to cloud-driven computing as well as the networks of social media, Reddit (by transforming to web 3) intends to provide customers with a more decentralized environment and AI-driven facilities having a computing infrastructure known as bleeding-edge (similar to that provided by metaverse). Rahul asserted that it is the moment to withdraw the control and make the internet more break-free and truly open with each one of us being the owner of what is being utilized by us. To carry out such ideas, Reddit has collaborated with Offchain Labs (a developer of smart contracts).