reddit to says karma 500m new

He’s a coder so he appreciates a lot of the innovation here.

Practically, we’re more interested what this means financially. A private company, launching a token, with that token usable to participate in its revenue share as you can buy ads with it or whatever, making it a share but a lot more because it’s a token.

They have a token for each subredit, making it complex from an investment perspective, but they could launch a Reddit wide governance token after the prototypes and the experimentation.

That’s capital raising from the public in the crypto market rather than the traditional market. You can even say the entity is going public, or semi-public, in a crypto first way.

Whether anyone would care depends on execution. If it’s a gimmick, the market will smell it from a mile.

We’ll let Rahul Kothari speak. He appears to be a relatively new crypto developer professionally, currently interning at the Ethereum Foundation to L2 Devcon tickets, and has just joined Reddit’s crypto team. He says:

“What is Reddit doing in crypto? Three words: Decentralise. Social. Media.

Think community-based decisions, forking subreddits in disagreements.

And all of this without even losing your community points? It’s like moving from Facebook to Twitter without having to rebuild your followers.

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.

It is time to take back control. Make the internet truly open and break free.


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.

Reddit to says karma 500m news

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.

— 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.

If it’s a genuine experimentation that DAOs the platform, then the crypto market will start giving competition to the stock market as a platform for raising capital.

We think that’s inevitable because cryptos have some irreplaceable advantages, including the fact you can actually own your shares or token. What that means is a complex matter that goes deep into the financial pipelines, but all we need to say is Libor.

As such, the question isn’t whether a proper crypto market starts developing that gives the stock market real competition. The question is at what speed or even when does it begin.

This experimentation by Reddit suggests sooner than anyone thinks.

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 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.

Give each of us ownership of what we are using.

Other than ownership, there is also a financial reason to do this: To explore a new monetization strategy.

Surely there are better ways to monetize than just creating walled gardens. One that is a WIN-WIN. One where even users can earn by curating content.

How will we pull this off? Reddit has partnered with OffchainLabs of 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).

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.

But we need to scale it even more for gasless tx.

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