Reddit Users to Get Ethereum-Based Crypto Tokens in Exchange for Karma Points, Hints Programmer


Social networking platform Reddit is catching up with crypto culture and is likely to join contemporaries like Facebook in the next chapter of the internet revolution. The platform plans to offer Ethereum-based crypto tokens to people with a specific number of Karma Points. Earlier this month an engineer working with Reddit revealed new details on the pro-crypto changes that are being considered to be implemented on the platform, which, according to him, is used by 500 million monthly active users. Is.

Karma points are awarded reddit Users collect votes if their post thread. By converting these Karma Points into ERC-20 tokens, the platform aims to move its 500 million users to Web 3.0 – the advancement of the Internet as we know it today.

According to engineer Rahul Kothari, Reddit aims to decentralize the Internet to 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 a company/individual cannot make such decisions but a community does!” Kothari tweeted.

The platform has also partnered with Off ChinaLabs – a New York-based company building a suite of scaling solutions. Ethereum Blockchain To support their future plans.

“We believe in a new dawn for the Internet, where it can once again be free. We don’t have all the answers, but we believe that together we can find a way,” reads one. blog post On Reddit, inviting people to join in “building a vault” and “starting new.”

Kothari believes that integrating crypto into the Reddit infrastructure could lead to the rise of more decentralized finance (DFI) around protocols and applications non-fungible tokens (NFTs).

Reddit’s fast-paced lean towards the crypto space comes just days after Facebook announced its rebranding “meta” – Validating the crypto-backed future of the Internet.

In the pro-crypto approach, Twitter also doing a test new tab Which will allow users to display 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 been seen significant growth In other countries in many parts of the world including India, Pakistan, Vietnam and America.

in September, El Salvador Became the first person in the world to legalize bitcoin as legal tender with its own fiat currency, the US dollar.

In October, the market capitalization of all cryptocurrencies crossed a milestone of $2.5 trillion (about 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 of classGadgets 360 Podcast. orbital is available Apple Podcasts, google podcasts, Spotify, amazon music And wherever you get your podcasts.Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, business advice or any kind of advice or recommendation given or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.