Reddit wants to convert the karma of 500 million users of Ethereum into cryptocurrencies: “Make money by controlling content”

Reddit wants to convert the karma of 500 million users of Ethereum into cryptocurrencies: "Make money by controlling content"

The karma points of Reddit users will soon be converted into cryptocurrencies on the Ethereum network. This is what an engineer of the social media site said on Twitter this week. Likes by Reddit blockchaintech Improving User Contacts and Creating the Internet 3.0.

Giant web forum Reddit plans to convert its users’ karma points into cryptocurrencies soon. Blockchain system Ethereum Should be. It is the network behind Ether, the world’s second largest cryptocurrency. Users can earn karma points by getting “upgrades” to good content. In this way, Reddit wants to introduce its 500 million users to the world of digital currencies and blockchain.

According to Reddit engineer “Rahul”, this will be a big revolution on the internet. “When we do this, we will convert all of our 500 million users from Web 2.0 to Web 3.0, and there will be no going back,” said a Reddit employee.

Web 3.0: A fully decentralized Internet

With Web 3.0, Rahul mentions a series Decentralized applications Those who want to create a new kind of internet that is out of control for governments and companies. “It’s time to take control (on the Internet, et al.). We’re going to make the Internet completely open and free. We want to give everyone the right to the technology we use,” said Rahul.

How exactly does Reddit do that? In July Reported The crypto site Cointelegraph Reddit has announced that it is working on a new technology for its karma points. The program is called Community Points. “Your community points will be on Blockchain, independent of Reddit. You can check them yourself like Bitcoin coins, ”says Rahul.

The community points program is already being tested with 80,000 users of r / cryptocurrency and r / FortNiteBR subtitles. With the pilot project, Reddit wants to explore how to reduce the “gas bill” for transactions on the Ethereum blockchain to support 500 million users.

New revenue model

According to the Reddit engineer, the variety is small Communities There is also the opportunity to create your own variant of the blockchain used on the platform. This means that users are not ashamed to leave the creation of the Reddit blockchain entirely.

This will be part of a new strategy for making money on Web 3.0. “There are better ways to make money than closed systems. One thing called win-win. Users can make money by curing content,” says Rahul.

Other social media sites such as Twitter and Dictoc are also increasingly experimenting with exposing their users to blockchain technology. How TikTok works Supports NFTs, Or works of art in blockchain. Twitter allows NFT creators to verify their work on the platform and is A tipping system with bitcoin Set up.

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About the Author: Seth Sale

"Passionate creator. Wannabe travel expert. Reader. Entrepreneur. Zombie aficionado. General thinker."

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