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Reddit Intends to Tokenize Karma Factors and Onboard Half a Million Customers to Web3

Written by James Smith

Social media large Reddit is doubling down on its embrace of digital currencies and related improvements with the newest push into Web3.0.

According to one of many social media’s newest hires, Rahul, the agency primarily focuses on decentralizing social media. Its newest plans are to tokenize Karma Factors utilizing the Ethereum blockchain.

The tokenized Karma factors will assist extra versatile decision-making amongst subreddits, akin to a Decentralized Autonomous Group. Utilizing the tokenized Karma factors, subreddits in disagreements might be forked democratically. In line with the software program engineer, a forked subreddit might be likened to switching from one completely different ecosystem, comparable to Fb to Twitter, with out dropping contribution factors.

In actualizing these necessary improvements, Rahul stated Reddit would companion with Offchain Labs’ Arbitrum community. By the partnership, Reddit will have the ability to create its personal blockchain occasion the place customers’ tokenized group factors might be saved. 

“The whole lot can be permissionless, open-source, and decentralized, identical to crypto. I can’t await it to hit mainnet and see how DAOs are fashioned and what DeFi, NFT purposes may emerge,” Rahul tweeted.

Social media corporations have gotten engrossed with a swap into the blockchain ecosystem, with Twitter constructing the BlueSky project. This decentralized protocol is billed to function a basis for varied social media platforms to be constructed on it. Fb can also be making a giant push into the metaverse, as unveiled when it modified its title to Meta, as reported by Blockchain.information final week.

Having benefited an excellent deal from centralized content material management, Rahul stated one of many core improvements of the swap right into a decentralized social media world is to check a monetary mannequin that may assist “discover a brand new monetization technique.” This new tokenization plan will construct on the Ethereum primarily based reward system that’s at the moment being applied to the r/Cryptocurrency and r/FortniteBR subreddits, respectively. The newest push by the social media large is ready to onboard 500 million new customers into Web3.0.

Picture supply: Shutterstock

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James Smith

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