Reddit wants to turn the actions of 500 million users of Ethereum into cryptocurrencies: “Make money by curing content”

Reddit wants to turn the actions of 500 million users of Ethereum into cryptocurrencies: "Make money by curing content"

Reddit users’ action points will soon be converted into cryptocurrencies on the Ethereum network. This is what an engineer on the social media platform said on Twitter this week. Want via Reddit Blockchaintech Improves user engagement and builds Web 3.0.

Reddit, a giant Internet forum, plans to convert users’ action points into cryptocurrencies soon. Blockchain system Ethereum To survive. It is the network behind Ether, the second largest cryptocurrency in the world. Users can earn karma points by getting “up-votes” for good content. In this way, Reddit wants to introduce its 500 million users to the world of digital currencies and blockchains.

According to Reddit engineer “Rahul” it will be a huge revolution within the internet. “When we do this, we will be migrating our 500 million users from Web 2.0 to Web 3.0. Then we will not go back, ”said a Reddit employee.

Web 3.0: Fully decentralized Internet

Rahul refers to a series using Web 3.0 Decentralized applications Those who want to create a new type of internet that is unregulated by governments and companies. “It simply came to our notice then. We are going to make the internet completely open and free. We want to give everyone ownership of the technology we use, ”Rahul said.

How exactly does Reddit do that? In July Informed The crypto site Cointelegraph Reddit reports that it is working on a new technology for its action points. The project is called Community Points. “Your community points will remain in the blockchain free from Reddit. You can check them yourself like bitcoin coins, ”says Rahul.

The Community Point project is already being tested with over 80,000 users of r / cryptocurrency and r / FortNiteBR subroutines. With the pilot project, Reddit wants to explore how to reduce “gas fees” for transactions on the Ethereum blockchain, which can support up to 500 million users.

New income model

In the opinion of Reddit Engineer, various small Communities It is also possible to create your own variant of the blockchain used on the platform. This means that Reddit does not shy away from leaving the formation of the blockchain completely to the users.

It’s part of a new strategy to make money on Web 3.0. “There are better ways to make money than closed systems. The one that won. It’s something that users can make money by curing content, ”says Rahul.

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

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