Reddit announced its first official blockchain partnership with Ethereum Foundation. The social media platform has been growing its role in the Ethereum ecosystem and the partnership intends to strengthen its commitment to blockchain and accelerate scaling and resources.
Reddit as over 50 million users daily and in the announcement, the admin said that the platform has maintained a decentralized environment to help users grow their own communities. This collaboration aims to bring the value and independence of blockchain technology to the millions users on the platform. Reddit shared its aim to develop large-scale applications such as Community Points on Ethereum.
In many ways, this collaboration started with the Scaling Bake-Off that we hosted in this community with the Ethereum Foundation. In this new stage of our partnership, immediate efforts will be focused on bringing Ethereum to Reddit-scale production. Our intention is to help accelerate the progress being made on scaling and develop the technology needed to launch large-scale applications like Community Points on Ethereum. The scaling technology developed through this partnership will be open-sourced and publicly available for anyone to use.
Reddit introduced Community Points last year to empower users with more control through decentralized technology. The system rewards the users for their individual contributions like posts and comment.
The announcement said:
Built on Ethereum, Community Points represent a user’s ownership in a community and rewards them for their individual contributions (such as posts and comments). This project is our 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. Community Points are currently in beta on the Rinkeby network and are being tested in r/CryptoCurrency and r/FortNiteBR.
The social media platform has a dedicated Reddit’s Crypto team and noted that they are looking to hire backend engineers. Reddit shared its desire to develop and build on its partnership with the Ethereum Foundation in the future.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.