Reddit Deepens Its Ties With Ethereum Blockchain Foundation.

Reddit Deepens Its Ties With Ethereum Blockchain Foundation.

2021-01-28 | Selina Mathew

Reddit Deepens Its Ties With Ethereum Blockchain Foundation.

Renowned social media network Reddit, which counts over 1.7 Bln monthly visits, is deepening its ties with the Ethereum Foundation in what it's formalized as its primary-ever blockchain collaboration. In line with an official announcement from Reddit admin u/jarins, the aim of the collaboration will be to extend the site's “commitment to the blockchain, accelerating scaling & resources for the Ethereum ecosystem, & bringing the worth and independence of blockchain technology to several million of Redditors.” Earlier in last year, Reddit had already initiated two, large Ethereum-focused projects. The primary, an app referred to as Community Points, was a rewards system that awarded Redditors with ERC-20 tokens for contributing engaging content to the platform. Reddit then followed this up with a contest The Great Reddit Scaling Bake-Off - seeking submissions of Ethereum scaling technology solutions that would help apps like Community Points reach mainnet and ultimately scale to all of the network's 400+ Mln monthly users. With this upcoming stage of a more formalized engagement with the is Ethereum Foundation, the main target will be developing the scaling technology that will support large-scale apps like Community Points on the Ethereum blockchain. The project is going to be led by Reddit's in-house crypto team and therefore the announcement includes an appeal to any backend engineers who have an interest in scaling and would have an interest in joining the Reddit cryptocurrency team to assist with its work on developing a more decentralized internet. All the scaling technology developed via the new collaboration will be open-sourced to the general public. As per the official post, Community Points are presently in beta on the Rinkeby network and are being tested in r/Cryptocurrency and r/FortNiteBR. Reddit sees the appliance as its “primary attempt at utilizing decentralized technology to empower individuals to possess a way of accountability and more ownership within communities that they create and contribute to.“ Earlier in days, Redditors are making headlines for their coordinated day trading campaign to pump shares within the games retailer GameStop - rinsing seasoned hedge funds within the process.

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