Reddit announced that it would be onboarding its 500 million monthly users to the cryptocurrency and Web3 ecosystem.
The onboarding will see the 500 million users getting control and ownership. This onboarding of the users strategy is part of exploring a new monetization strategy.
A Twitter user @iamRahul20x, who is an engineer at Reddit crypto, made this announcement on Twitter. Alongside the announcement, the Reddit crypto engineer also tweeted his excitement to get to work with senior engineers on the project.
“I am joining Reddit’s crypto team. What is @Reddit doing in crypto? 3 words Decentralise. Social. Media. And working alongside some of the smartest senior and staff engineers is a dream come true for me!”
In partnership with OffchainLabs and Arbitrum, Reddit will onboard its 500 million daily users to the Web3 ecosystem. Everything on the Web3 ecosystem will be decentralized, permissionless, and open-source, just like in crypto.
“Reddit has 500M monthly active users. When we all pull this off, we would onboard 500M web2 users into web3 and then there is no going back. Let me say that again – 500 million new crypto users. WAGMI”
What is Web3 Ecosystem and What Does It Entail?
In case you aren’t familiar with the Web3 concept, it refers to apps that run on the blockchain. App users use these apps without the monetization of their personal data.
Web3 internet is owned by users and builders and is orchestrated with tokens. What does this mean? Internet users and builders get to own internet service pieces by owning tokens. These tokens which give property rights can either be fungible or non-fungible.
Non-fungible tokens give ownership of photos, art, codes, game objects, text, access passes, credentials, and governance rights to users. Just like Ethereum, NFTs exist on blockchains.
Users can either earn or buy tokens. There are a number of ways to earn tokens. One of the ways to earn tokens is by creative or entrepreneurial activities like selling NFTs. Users earn tokens whenever an incentive airdrop happens.
It is also important that Web3 is permissionless. This also means that suppliers and users can participate without seeking the approval of a governing body. Participants also get to interact privately or publicly on the network without needing a trusted third party.
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