Reddit inks blockchain partnership with Ethereum Foundation

Reddit inks blockchain partnership with Ethereum Foundation

Reddit, a leading social media platform which counts for nearly 1.7 billion visits per month, is growing its role with the Ethereum Foundation (EF) in what it has authorized as the firm’s very first blockchain collaboration. As per an official post by Reddit admin u/jarins, the aim of the new collaboration would be to surge the website’s commitment to blockchain, and accelerating scaling as well as resources for the Ethereum environment. Further bringing in independence and value of blockchain technology to millions of Reddit users.

In 2020, the social media network had already started two, large Ethereum-based projects. The first being an application termed Community Points, which basically is a rewards system which awarded Reddit users with ERC-20 tokens for giving engaging content to Reddit.

The platform then followed this with a completion called The Great Reddit Scaling Bake-Off, inviting submissions of Ethereum scaling technology solutions that might aid applications such as Community Points advance to mainnet and eventually scale to all the 400+ million monthly users of Reddit.

With a more formalized engagement with Ethereum Foundation, the key focus would be on advancing the scaling technology which can support large-scale applications such as Community Points on Ethereum blockchain.

The project would be directed by the in-house crypto team of Reddit and the proclamation includes request to any backend engineers who might have a keen interest in scaling, and might be interested in joining the crypto team of Reddit to aid with its work on forming a more decentralized internet. In fact, all the scaling technology established through this novel partnership would be open sourced and publicly available.

As per the post, Community Points are at present in beta on the Rinkeby network and are being tested in r/FortNiteBR and r/Cryptocurrency. The platform sees the application as its very first try at using decentralized technology to allow individuals to have a sense of accountability as well as more exclusive rights in the communities that they form and contribute to.

Source credit: https://cointelegraph.com/news/reddit-partners-with-ethereum-foundation-to-boost-scaling-and-resources