More

    Reddit partners with Ethereum Foundation to boost scaling and resources

    Popular social media network Reddit, which counts over 1.7 billion monthly visits, is deepening its ties with the Ethereum Foundation in what it has formalized as its first-ever blockchain partnership.According to an announcement from Reddit admin u/jarins, the aim of the partnership will be 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.”In 2020, Reddit had already initiated two, large Ethereum-focused projects. The first, an application called 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 competition — The Great Reddit Scaling Bake-Off — seeking submissions of Ethereum scaling technology solutions that could help applications like Community Points progress to mainnet and ultimately scale to all of the network’s 400+ million monthly users.With this next stage of a more formalized engagement with the Ethereum Foundation, the focus will be on developing the scaling technology that can support large-scale applications like Community Points on the Ethereum blockchain. The project will be led by Reddit’s in-house crypto team and the announcement includes an appeal to any backend engineers who have an interest in scaling and would be interested in joining the Reddit crypto team to help with its work on developing a more decentralized internet. All the scaling technology developed through the new partnership will be open-sourced to the public.According to the post, Community Points are currently in beta on the Rinkeby network and are being tested in r/Cryptocurrency and r/FortNiteBR. Reddit sees the application as its “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.“In recent days, redditors have been making headlines for their coordinated day trading campaign to pump shares in the games retailer GameStop — rinsing seasoned hedge funds in the process.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 41,459.00
    ethereum
    Ethereum (ETH) $ 2,581.80
    tether
    Tether (USDT) $ 0.996859
    binance-coin
    Binance Coin (BNB) $ 338.70
    cardano
    Cardano (ADA) $ 1.35
    xrp
    XRP (XRP) $ 0.755202
    usd-coin
    USD Coin (USDC) $ 0.998734
    dogecoin
    Dogecoin (DOGE) $ 0.207333
    polkadot
    Polkadot (DOT) $ 17.99
    binance-usd
    Binance USD (BUSD) $ 0.998491
    uniswap
    Uniswap (UNI) $ 22.35
    bitcoin-cash
    Bitcoin Cash (BCH) $ 545.40
    chainlink
    Chainlink (LINK) $ 22.61
    litecoin
    Litecoin (LTC) $ 145.54
    solana
    Solana (SOL) $ 35.08
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 41,467.00
    matic-network
    Polygon (MATIC) $ 1.08
    stellar
    Stellar (XLM) $ 0.286312
    ethereum-classic
    Ethereum Classic (ETC) $ 51.94
    theta-token
    Theta Network (THETA) $ 6.06
    vechain
    VeChain (VET) $ 0.089299
    internet-computer
    Internet Computer (ICP) $ 42.21
    dai
    Dai (DAI) $ 0.999252
    okb
    OKB (OKB) $ 19.66
    filecoin
    Filecoin (FIL) $ 55.23
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022065
    terra-luna
    Terra (LUNA) $ 11.31
    tron
    TRON (TRX) $ 0.065351
    cdai
    cDAI (CDAI) $ 0.021526
    monero
    Monero (XMR) $ 240.93
    aave
    Aave (AAVE) $ 326.27
    eos
    EOS (EOS) $ 4.08
    compound-ether
    cETH (CETH) $ 51.82
    ftx-token
    FTX Token (FTT) $ 35.04
    cosmos
    Cosmos (ATOM) $ 12.95
    amp-token
    Amp (AMP) $ 0.070923
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.43
    the-graph
    The Graph (GRT) $ 0.696454
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.128356
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    neo
    NEO (NEO) $ 43.69
    leo-token
    LEO Token (LEO) $ 3.03
    algorand
    Algorand (ALGO) $ 0.855713
    bitcoin-sv
    Bitcoin SV (BSV) $ 143.64
    maker
    Maker (MKR) $ 2,991.12
    klay-token
    Klaytn (KLAY) $ 1.05
    celsius-degree-token
    Celsius Network (CEL) $ 6.15
    tezos
    Tezos (XTZ) $ 3.08
    iota
    IOTA (MIOTA) $ 0.899841
    avalanche-2
    Avalanche (AVAX) $ 13.55