Karma points are Reddit’s way of rewarding users for posting good content or helping others by commenting, but other than that, it’s of no use. However, Reddit is working on offering Ethereum-based crypto in exchange for Karma points as part of the upcoming Web 3.0.
A Reddit engineer Rahul on Twitter, said, “Reddit has 500M monthly active users. Once we all pull this off, we will onboard 500M web2 users into web3, and then there is no going back. Let’s repeat it – 500 million new crypto users.”
“Users control their community points, their profiles, and their communities. Ideally, we all want to live in a world where one company/ person can’t make such decisions but rather a community does!” he said in another Tweet.
For those who don’t know about Web 3.0, it’s based on blockchain. You own the posts and data you share online. No one can alter or delete the data, not even the platform owners, as it’s spread across thousands of computers worldwide.
The social media giant has also partnered with OffChinaLabs, a company that builds system expansions for Ethereum. Adding to the above Tweets, Rohan said, We believe in a new dawn for the Internet, which can be free once again. We don’t have all the answers, but we believe together we can find a way,” reads a blog post on Reddit, while inviting people to “create a vault” and join it in a “new beginning.”
What are your thoughts about Web 3.0? Will it make it challenging to manage piracy and illegal content on the Internet? Let us know in the comments section below.
