Karma points are Reddit’s method of rewarding users who post excellent content or helping other users by making comments, but other than that, they’re of no value. But, Reddit is working to offer Ethereum-based cryptocurrency to exchange Karma points in the coming Web 3.0.
A Reddit engineer Rahul on Twitter, stated, “Reddit has 500M monthly active users. If we can accomplish this feat then we’ll be able to integrate 500M web2 users to web3 and there will be no way back. We’ll repeat that 500 million digital users.”
“Users have control over the community’s points and profiles in addition to their networks. In the ideal world, we’d all like living in a society where one individual or business isn’t able to make these decisions, but a group of people does!” he said in another tweet.
For those who aren’t aware of the concept of Web 3.0, it’s based on blockchain technology. You own your posts and the data you share online. Nobody can modify or erase the information and the data is not accessible to even the owners of the platform since it’s distributed over a vast number of computers.
The company has also joined forces with OffChinaLabs which creates system extensions for Ethereum. To the tweets mentioned above, Rohan said, We believe in a new era for the Internet that is cost-free once more.
We aren’t experts on everything however, we are convinced that together we’ll find a way,” reads a blog article on Reddit and invites users to “create an online vault” and join in the process of a “new starting.”
What do you think about Web 3.0? Does it create a problem to combat the piracy and illegal content that is available online on the Internet? Tell us in the comment section below.