says karma points onboard 500m new

Reddit has a reputation for being a place where people can find information quickly and easily. That means there’s a lot of people that use Reddit as a source for news and information. However, Reddit has now taken cryptocurrency into consideration, and you should know more about Reddit cryptocurrency. Let’s look at Reddit Crypto to find out more.

What is Reddit Karma Cryptocurrency?

On Reddit, karma is earned when other users upvote posts and comments. Karma points are not a currency. They are a form of social media reward points. Reddit users can vote on comments or posts by clicking the upvote and downvote buttons next to each. Positive karma (upvote) increases the number of points a post has, while negative karma (downvote) decreases it.


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.

— 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.

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).

Partnering with Offchain Labs’ Arbitrum network will allow for the creation of a separate blockchain instance. Reddit wants to use this for storing users’ tokenized community points.

Community Points will be stored as standard ERC-20 tokens on the Ethereum blockchain to guarantee ownership. Consequently, Reddit communities will also be able to fork blockchains through community-based decision-making.

The “Reddit Cryptocurrency” move is an attempt to improve user engagement and increase the number of crypto users on its platform.
In addition, Reddit aims to decentralize the Internet. This could be of benefit to individuals and communities that thrive on the platform.


“When we all pull this off, we would onboard 500M web2 users into web3 and then there is no going back.

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.


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Efinity.

Blockchain gaming platform Enjin is establishing a new fund to support the development of the metaverse ecosystem and make it more decentralized.

Enjin, a startup behind the nonfungible token (NFT)-focused blockchain Efinity, has formed a $100 million fund to support ​​Efinity adopters as well as other related projects, the startup announced Thursday.

“It is now time for us to turn this into an official, public, and conscious piece of our growth strategy, and support a free, open, and decentralized Metaverse,” Enjin said, adding that it will consider equity investments in seed funding rounds and token purchases to nurture the ecosystem.

Dubbed the “Efinity Metaverse Fund,” the new fund also targets organizations that are focused on cross-chain integrations with the Enjin ecosystem as well as collaborative NFT projects on Efinity and Polkadot.

The fund will also support gaming projects built on “all platforms” alongside other areas related to the metaverse, NFTs and Efinity’s core infrastructure.

Related:The Sandbox raises $93M to expand its NFT metaverse

Earlier this year, Enjin secured $18.9 million funding from investors including the major crypto exchange Crypto.com to debut Efinity, its Polkadot-based blockchain for the NFT industry. EFI, the native cryptocurrency of Efinity, went live in August 2021 following a $20 million token sale in July.

Enjin’s latest move into the metaverse comes amid the growing hype around the metaverse concept, fueled even further after social media giant Facebook officially changed its company name to Meta.

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.

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