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The latest partnership with the Ethereum Foundation adds up to the already long list of Ethereum-focused projects between the two firms.
Reddit has announced a partnership with Ethereum Foundation in what it calls its first-ever blockchain partnership. The partnership according to Reddit seeks to strengthen its ties with the Ethereum Foundation as well as bring value and independence of blockchain to its users.
An announcement from the admin of Reddit u/jarins, stated that the partnership increases its commitment to the technology, and echoes its long-held “decentralized ethos.
“In this new stage of our partnership, immediate efforts will be focused on bringing Ethereum to Reddit-scale production. This partnership will also seek to increase the site’s commitment to blockchain, accelerating scaling and resources for the Ethereum ecosystem, and bringing the value and independence of blockchain technology to millions of redditors,” the announcement read.
The focus of this partnership according to Reddit will be on building and developing the scaling technology in a bid to support large-scale applications such as Community Points on the Ethereum blockchain. Scaling technology development through this new venture will be open-sources to the public according to the firm.
The announcement from the firm also called out all backend engineers with an interest in scaling and would like to join the Reddit in-house crypto team to help with its work on developing a more decentralized internet. The project is led by Reddit’s in-house crypto team and according to a recent post from them, “Community Points are currently in beta on the Rinkeby network and are being tested in r/Cryptocurrency and r/FortNiteBR.”
A post from Reddit also stated that the social media giant sees the latest application as its primary attempt at utilizing decentralized technology to set its users on a path of accountability and a sense of ownership in the communities that they create and contribute to.
The latest partnership with the Ethereum Foundation adds up to the already long list of Ethereum-focused projects between the two firms. Reddit in 2020 initiated an application dubbed ‘Community Points’ which was a reward system that awarded users on Reddit for putting up engaging content to the platform with ERC-20 tokens.
The social media giant followed the first initiative up with another Ethereum-focused project called ‘The Great Reddit Scaling Bake-Off’, a competition that required the submission of Ethereum scaling technology solutions that could help applications like Community Points progress to mainnet as well as scale to all of the network’s 400+ million monthly users.
Reddit has been a pioneer in the social media field and boasts of over 1.7 billion monthly visits and over 50 million daily users. The latest partnership according to reports could also lead to Reddit developing layer 2 scaling tools or building up projects from a prototype stage to production.