Reddit: Karma points turn into cryptocurrency

Reddit has big plans for blockchain. In the first tests, the karma points of users are converted into Ethereum tokens. This should create millions of new crypto users. A separate NFT platform is also planned.

Reddit: User karma turns into Ethereum tokens

Anyone who publishes interesting content and posts comments on Reddit will be rewarded with karma points by others. These should have a real benefit in the future. Several meanwhile deleted tweets by Reddit engineer Rahul do not allow any other conclusion (source: The Crypto Basic). The platform has over 500 million users who would then automatically and more or less voluntarily become crypto users.

Currently, the karma points are from about 80,000 users has been moved from two subreddits (r / cryptocurrency and r / FortNiteBR) to the Rinkeby testnet on the Arbitrum network, which, according to Rahul, is to be scaled for “gasless” transactions. Usually transactions need to be paid for, which is described as gas (gasoline). In the future, subreddits should also be able to set up their own blockchains in which the users’ karma points are stored.

Since Rahul’s tweets have now been deleted, the announcement could have been made a little too early. Reddit itself did not yet officially commented on the plans. In addition to karma points as Ethereum tokens, it would appear that they would like to work on their own platform for non-fungible tokens (NFT). Users should be able to monetize their digital works here. Details are not yet known.

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Ethereum: Second largest cryptocurrency in the world

Ethereum may be less well known than Bitcoin, but it is considered that second largest cryptocurrency (Ether). So-called smart contracts are supported, in which automatically programmed agreements or contracts can be executed. This is why Ethereum is more interesting than Bitcoin for NFT platforms.