Posted 2 months ago | by @devadmin
Reddit has announced that it has partnered with the Ethereum Foundation on blockchain scaling solutions.
Reddit and Ethereum Foundation have partnered up to bring blockchain and scalability to the popular online forum. A Reddit admin “u/jarins” announced it through a post on the social platform. The partnership is exciting for both Ethereum and Reddit, as the social media site has a huge user base, constantly growing on a daily basis.
Reddit’s admin posting under “u/jarins” explained the goal of the partnership:
“Through this partnership, we will be increasing our commitment to the blockchain, accelerating scaling and resources for the Ethereum ecosystem, and bringing the value and independence of blockchain technology to millions of redditors.”
Additionally, Reddit stated that it aims 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 developed technologies will supposedly be open-source and available for anyone to use.
Reddit originally explored blockchain technology last year in the hopes of scaling its upstart cryptocurrency rewards program and now the site has formalized its connection via an official partnership with the Ethereum Foundation. The rewards program is currently in beta on the Rinkeby network on Ethereum.
Reddit’s Community Points system awards crypto for “quality” posts and comments posted on the website currently in two communities r/CryptoCurrency and r/FortNiteBR.
That is less than 1% of Reddit’s enormous user base. It remains in use in just those two communities for now, with the system running on the Rinkleby Ethereum testnet in beta. Reddit currently counts 50 million daily users, according to today’s release, and last year cited approximately 430 million monthly users.
Now, Reddit records over 1.7 billion monthly visits according to Similar Web.
The partnership is designed to help Reddit continue to work on scaling its rewards program while helping to grow the Ethereum development ecosystem.
“In this new stage of our partnership, immediate efforts will be focused on bringingto Reddit-scale production,” reads Reddit’s press release. “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’s own crypto team of in house developers will lead development on the project in collaboration with the Ethereum Foundation, and is hiring backend engineers “who want to build the decentralized internet.”
Ethereum is currently trading at [FIAT: $1,370.62] UP +1.5% in the last 24 hours according to Coingecko at the time of this report.