Reddit Partnered With ETH Foundation To Accelerate Scaling

Reddit partnered with the Ethereum foundation in order to boost scaling and resources for the ETH ecosystem as we can read more in our latest ethereum news.

The social media network said that the goal of the partnership is to bring ETH to “reddit-scale” production as it counts over 1.7 billion monthly visits, enhancing its ties with the Ethereum foundation in what seems to be formalized partnership now.  According to an announcement, Reddit partnered with the Ethereum foundation while aiming to increase the site’s commitment to the blockchain, enhanced scaling and resources for the ethereum ecosystem, and also bring value and independence on the blockchain technology to Redditors.
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Reddit already initiated two ETH-based projects with the first being an application called Community Points that worked as a rewards system that awarded Redditors with ERC20 tokens for contributing the content on the platform. Reddit followed up with a competition of the Great Reddit Scaling Bake-off that sought submissions of ETH scaling solutions that will help applications like Community Points to progress to the mainnet and to scale to the 400 million monthly users.

With this new partnership that has formalized the engagement with the Ethereum Foundation, the focus will be on developing a scaling solution ad technology that is able to support large-scale applications like Community Points on the ETH blockchain. The project was backed by the Reddit in-house crypto team and as per the announcement, it includes an appeal to backend engineers that have an interest in scaling and will also be interested in joining the team to help with its work on developing a decentralized internet. The scaling technology developed on the new partnership that will be open-sourced to the public.

According to the post, the community points are in beta on the Rinkeby network and are now being tested n the r/Cryptocurrency and r/FortNiteBR. The platform sees the application as the “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.” Over the past few days, the Redditors made headlines for the day trading campaign in order to pump the shares in the Gamestop game retailer, getting rid of seasoned hedge funds in the process.