For over a 12 months, Reddit has been changing neighborhood factors into tokens on the blockchain. Its purpose is to make communities interactive by giving customers decision-making and financial energy.
According to Reddit engineer Rahul, this mission will likely be prepared quickly and 500 million customers will likely be linked to the cryptocurrency world. In addition, these factors serve to facilitate neighborhood decision-making, in addition to to divide subreddits in case of disagreement.
These modifications in social media interactions aren’t reactions, however mark an evolution often called web 3.0, placing far more energy in the fingers of its customers. After all, they’re the most essential half of any platform.
500 million customers
A Reddit engineer famous this Wednesday (3) that the platform’s use of blockchain will permit 500 million customers to attach with cryptocurrencies. Today, cryptocurrency-related subreddits corresponding to r/Bitcoin and r/CryptoCurrency are already very lively.
“It’s time to take again management. Making the Internet actually open and free. Give every of us possession of what we’re utilizing.”
This is one other evolution of cryptocurrencies that permit customers to freely work together financially with content material creators. They additionally make choices about the future of their communities.
This transformation is recognized for the transition from Web 2.0 to Web 3.0, which is carefully associated to decentralization, amongst different issues. Reddit’s first announcement talked about the use of ERC20 tokens on Ethereum, and it appears like they’re sticking with that plan, in search of second-tier options like Arbitrum, regardless of the community’s present excessive charges.
Also, Reddit not too long ago opened two positions for engineers, Android and backend, each associated to the “NFT platform.” Marking one other part of modernization as extra individuals and corporations enter this market.
Content creators profit lots
Reddit is not the just one implementing options to make its social community extra attention-grabbing for customers. Twitter not too long ago launched a Tips system that makes use of the Bitcoin lightning community to permit content material creators to obtain donations from their followers.
However, it is essential to notice the distinction between the paths of these two platforms. While Twitter CEO Jack Dorsey goals to make use of solely Bitcoin, Reddit seems to be brazenly working with its personal tokens, which means its success is fully depending on its platform.
Finally, we’re experiencing the first steps in the direction of a decentralized web, the place customers are rewarded for his or her efforts to create content material and have interaction audiences on the platforms they use.