reddit says karma points 500m new

According to the website:

“Your Community Points exist on the blockchain, independently of Reddit, where they can only be controlled by you (just 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).

— Rahul (@iamRahul20x) November 3, 2021

Reddit’s partnership with Offchain Labs’ Arbitrum network will allow for the creation of a separate blockchain instance, to be used for storing users’ tokenized community points.

Currently, the community points of roughly 80,000 users from two subreddits — r/cryptocurrency and r/FortNiteBR — have been moved to the Rinkeby Testnet on the Arbitrum network, which, according to Rahul, will be scaled for gasless transactions:

Moreover, Reddit communities will also have the ability to fork blockchains through community-based decisions, in addition to allowing the scope to explore new monetization strategies with Web 3.0.

“When we all pull this off, we would onboard 500M web2 users into web3 and then there is no going back. Let me say that again – 500 million new crypto users.”

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

Reddit has been home to a number of community-driven crypto initiatives including Dogecoin (DOGE) fundraisers and continues to cater to a vast crypto community.

On Oct.

One where even users can earn by curating content.

Recently read a beautiful thread by @evan_greer on smth similar:https://t.co/rje8F7GgGV

— Rahul 🔊🦇 (@iamRahul20x) November 3, 2021

Because Reddit collaborated with OffChain Labs’ Arbitrum network, a second Blockchain instance will be created to store users’ tokenized community points.

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).

Reddit says karma points 500m news

Many redditors like to joke that karma is “fake internet points,” and there’s a lot of truth to that. But even fake internet points can have real meaning to people and the communities they contribute to.

On Reddit, your karma is a reflection of how much your contributions mean to the community. How much karma someone has is publicly displayed on their profile.

You can earn karma in a few different ways:

  • Posting and commentingWhen your posts or comments get upvoted, you gain some karma—so making posts and comments that communities find valuable is the best way to gain karma.The more upvotes you get, the more karma you’ll receive.

    However, karma is only an approximate reflection of your upvotes and not a 1:1 relationship.

  • Giving awardsWhen you receive or give awards, you also gain some karma.

Reddit engineer, Rahul, highlights the social media platform’s efforts to improve user interaction through various cryptocurrency initiatives.

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

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 rewards points, named Community Points.

FortNiteBR — have been moved to the Rinkeby Testnet on the Arbitrum network, which, according to Rahul, will be scaled for gasless transactions:

Moreover, Reddit communities will also have the ability to fork blockchains through community-based decisions, in addition to allowing the scope to explore new monetization strategies with Web 3.0.

“When we all pull this off, we would onboard 500M web2 users into web3 and then there is no going back. Let me say that again – 500 million new crypto users.”

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

Reddit has been home to a number of community-driven crypto initiatives including Dogecoin (DOGE) fundraisers and continues to cater to a vast crypto community.

On Oct.

— Rahul 🔊🦇 (@iamRahul20x) November 3, 2021

Currently, 80,000 community points from two subreddits — r/cryptocurrency and r/FortNiteBR — have been moved to the Rinkeby Testnet on the Arbitrum network, which will be scalable for gasless transactions, according to Rahul.

Furthermore, Reddit communities will be able to fork blockchains based on community decisions, enabling the exploration of new monetization models using Web 3.

Reddit has hosted a variety of community-driven crypto initiatives, such as Dogecoin (DOGE) fundraisers, and it continues to serve a large crypto community.

Rahul, a Reddit engineer, talks about how the social media platform is trying to increase user participation by adopting various cryptocurrency schemes.

Reddit may soon turn user’s karma points into ERC20 tokens

According to a newly hired Reddit programmer, the American social media behemoth may soon turn users’ karma points into Ethereum-based (ERC-20) tokens, onboarding 500 million new crypto users in the process.

Rahul, a Reddit programmer, highlighted Reddit’s efforts to boost user interaction through various cryptocurrency initiatives in a series of tweets. Cointelegraph stated in July 2021 that the site had developed Community Points, a layer-2 rollup for its rewards points based on Arbitrum Technology.

Surely there are better ways to monetize than just creating walled gardens. One that is a WIN-WIN.

According to the website:

“Your Community Points exist on the blockchain, independently of Reddit, where they can only be controlled by you (just 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).

— Rahul (@iamRahul20x) November 3, 2021

Reddit’s partnership with Offchain Labs’ Arbitrum network will allow for the creation of a separate blockchain instance, to be used for storing users’ tokenized community points.

Reddit engineer, Rahul, highlights the social media platform’s efforts to improve user interaction through various cryptocurrency initiatives.

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

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 rewards points, named Community Points.

Then, realizing that they need an L2 solution to entertain their heavy traffic in an economical manner, Reddit launched “The Great Reddit Scaling Bake-Off” after inviting multiple Ethereum teams to develop an L2 solution, specifically for their needs.

I.E. r/cryptocurrency and r/FortNiteBR already use community points aka tokens.

Lots of cool learnings already.

Feel free to join and play out with them.https://t.co/IFOLtQRwE4

But we need to scale it even more for gasless tx. Some cool engineering innovations coming up !

— Rahul 🔊🦇 (@iamRahul20x) November 3, 2021

Offchain Lab’s Arbitrum was declared the ultimate winner on July 22, utilizing the roll-ups technology.

This paved the way for Reddit’s ambitious plan – onboard 500 million Reddit users to Web3 via Ethereum’s Arbitrum L2! Let’s see some more details shared by their crypto engineer Rahul Kothari.

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.

Let me say that again – 500 million new crypto users. WAGMI 🔥 pic.twitter.com/K92l2CiHnZ

— Rahul 🔊🦇 (@iamRahul20x) November 3, 2021

Reddit has something called karma – which is basically an interactive reputation-based points system. Every time somebody thinks that your post is helpful, he can give you a thumbs up, rewarding you with karma.
It’s the same case otherwise.

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