Reddit insider stated that the world-renowned platform is getting itself prepared to integrate cryptocurrency into its platform through karma points also known as community points.
Cryptocurrency is fast getting recognition by registered financial institutes across the globe. Social media platforms have recognized the importance of cryptocurrency and are incorporating it into their platforms. Similar moves were taken by Twitter and Facebook a few months back when they incorporated cryptocurrency into their system. Reddit just got on the bandwagon.
Cryptocurrency is rapidly becoming one of the major ways of online transactions even though it isn’t recognized as real-life currencies, it’s only a matter of time when it will be recognized as one.
Many different platforms have started to properly integrate crypto coins as a form of monetary exchange.
Reddit incorporated cryptocurrency into its system but with a slight edge. Reddit already has a fully functional karma system established within its platform. It plans to incorporate cryptocurrencies through karma points.
Karma points are reward points that are given to users as a freebee when they collect a lot of upvotes from the community. This is like an award system. Reddit plans to dispense crypto coins to its users. The company plans to set up an exchange system, for certain amounts of karma points, the users will be able to attain cryptocurrency in return.
Reddit plans to modernize its system in this way as well as increase engagement in the community.
Reddit has also announced that shortly it is planning on utilizing ether as the main mode of its cryptocurrency.
Alongside the integration of cryptocurrency into karma points, Reddit is also shifting its 500 million monthly users on to the all-new Web 3.0. This will be the third generation of Reddit providing services in the world of the internet through different platforms.
The transition is a calculated strategy to move deeper into the internet user-based communities where the user will be empowered to make decisions that will affect the company as well as the community.