Reddit: Partnership with Ethereum Foundation to scale
The social media network says that scaling solutions for Ethereum are the focus of the partnership.
The popular social media network Reddit, which has over 1.7 billion monthly visitors, is deepening its relationship with the Ethereum Foundation.
For the first time, the two platforms are entering into an official blockchain partnership
According to an announcement by Reddit admin u / jarins, the goal of the partnership is to „increase the site’s commitment to blockchain, accelerate scale and resources for the Ethereum ecosystem, and reassure millions of Redditers the value and independence of blockchain- Bringing technology closer „.
In 2020, Reddit had already launched two large, Ethereum-focused projects. The first was an application called Community Points . This is a reward system that rewarded Bitcoin System users with ERC-20 tokens for contributing engaging content on the platform. Reddit then announced a competition called „The Great Reddit Scaling Bake-Off“. This was about submitting Ethereum scaling solutions that could help applications such as Community Points get into the mainnet phase and eventually expand this application to all of the network’s over 400 million monthly users.
This official partnership with the Ethereum Foundation focuses on developing scaling technologies that can support large-scale applications such as community points on the Ethereum blockchain. The project is being led by Reddit’s in-house crypto team and the announcement includes a call to all backend engineers with an interest in scaling up. Even if they would be interested in joining the Reddit crypto team to help work on developing a more decentralized internet.
All of the scaling technology developed by the new partnership will be publicly available, i.e. open-source
According to the post, Community Points are currently in beta on the Rinkeby network and are being tested in r / Cryptocurrency and r / FortNiteBR. Reddit sees the application as a „first attempt at leveraging decentralized technology to give individuals a sense of accountability and ownership of the communities they create and contribute to“.
For the past few days, Reddit users have made headlines for their coordinated daily trading action. In doing so, they wanted to drive up the shares of the game retailer GameStop and thus bring losses to experienced hedge funds.