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Reddit Partners With Ethereum Foundation

Reddit, the popular social media network, is partnering with the Ethereum Foundation to boost scaling and resources.

It has been reported by Reddit admin u/jarins that the aim of the partnership will be to increase the site’s “commitment to the blockchain by accelerating scaling and resources for the Ethereum ecosystem and bringing the value and independence of blockchain technology to millions of redditors.”  

However, in 2020, Reddit had already initiated two large Ethereum-focused projects. The first, an application called Community Points, was a rewards system that awarded Redditors with ERC-20 tokens for contributing engaging content to the platform. And, the second was The Great Reddit Scaling Bake-Off, which seeks submissions of Ethereum scaling technology solutions that could help applications like Community Points progress to mainnet and ultimately scale to all of the network’s 400+ million monthly users.

Reddit partners with the Ethereum Foundation! A more decentralized internet could be in sight by pairing up the resources of these two behemoths. — Cointelegraph (@Cointelegraph) January 28, 2021

The report said that with this next stage of a more formalized engagement with the Ethereum Foundation, the focus will be on developing the scaling technology that can support large-scale applications like Community Points on the Ethereum blockchain.

The project will be led by Reddit’s in-house crypto team and the announcement includes an appeal to any backend engineers who have an interest in scaling and would be interested in joining the Reddit crypto team to help with its work on developing a more decentralized Internet. All the scaling technology developed through the new partnership will be open-sourced to the public.

It has been analyzed that Community Points are in beta on the Rinkeby network and are being tested in r/Cryptocurrency and r/FortNiteBR.

Thus, Reddit sees the application as its “first attempt at utilizing decentralized technology to empower individuals to have a sense of accountability and more ownership in the communities that they create and contribute to.“

Source: Cointelegraph



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