Best Cryptocurrency Exchange Reddit

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

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

Social networking platform Reddit appears to be chasing 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 specific numbers of Karma Points. An engineer working with Reddit earlier this month revealed new details about the pro-crypto changes being considered to be implemented on the platform, which, according to him, is used by 500 million monthly active users.

Karma points are awarded to Reddit users if the topics of their posts collect votes. By converting these Karma points into ERC-20 tokens, the platform aims to move 500 million users to Web3.0 – the evolution of the Internet we know today.

According to engineer Rahul Kothari, Reddit aims to bring about a decentralization of the internet that can benefit the individuals and communities that thrive on the platform.

“Users control their own community score, profile, and community. Ideally, we all want to live in a world where not one company/person can make such decisions but society does!” Kothari tweeted.

The platform has also partnered with OffChinaLabs – a New York-based company that is building a suite of scaling solutions for the Ethereum blockchain to support their future plans.

“We believe in a new dawn of the internet, where it can be free again. We don’t have all the answers, but we believe together we can find a way,” reads a blog post on Reddit, as we invite people to ‘create a vault’ and join in on it. A new beginning “.

Kothari believes that incorporating cryptography into Reddit’s infrastructure could lead to the emergence of more decentralized finance (DeFi) protocols and applications around non-fungible tokens (NFTs).

Reddit’s rapid inclination toward the crypto space comes just days after Facebook announced it was rebranding it to “Meta” — validating the future of the crypto-powered internet.

In a pro-crypto approach, Twitter is also testing a new tab that allows users to view their NFT collections on the micro-blogging platform. NFTs are digital collectibles inspired by real-world objects and can be purchased with crypto assets.

Recently, the adoption of cryptocurrencies has seen significant growth in many parts of the world including India, Pakistan, Vietnam, and the United States, among other countries.

In September, El Salvador became the first country in the world to legalize bitcoin as a legal tender alongside its fiat currency, the US dollar.

In October, the combined market capitalization of all cryptocurrencies crossed a landmark of $2.5 trillion (about Rs 1,87,42,625 crore), according to crypto tracker CoinMarketCap.


Are you interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcast.Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risk. The information in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind provided or approved by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendation, forecast or any other information contained in the article.

Get the latest news from the Consumer Electronics Show on Gadgets 360, at our CES 2022 hub.

.

About the author

publisher team