Popular social media network Reddit, which receives more than 1.7 billion visits a month, is deepening its relationship with the Ethereum Foundation as part of its first blockchain partnership.
According to an announcement by Reddit admin u / jarins, the goal of the partnership is to increase the site’s commitment to blockchain, accelerate scale and resources for the Ethereum ecosystem, and help millions of Redditors understand the value and independence of blockchain technology bring closer. ”
In 2020, Reddit had already initiated two large projects with a focus on Ethereum. The first, an application called Community Points, was a reward system that awarded Redditoren ERC-20 tokens for contributing engaging content to the platform. Reddit then followed up with a competition – The Great Reddit Scaling Bake-Off – that looked for submissions from Ethereum scaling technology solutions that would allow applications such as Community Points to reach the mainnet and ultimately scale to all of the network’s 400+ million monthly users.
In this next phase of a formalized engagement with the Ethereum Foundation, the focus will be on developing the scaling technology that can support large-scale applications such as community points on the Ethereum blockchain. The project is led by Reddit’s internal crypto team. The announcement includes a call to all backend engineers interested in scaling up and looking to join the Reddit crypto team to help develop a more decentralized internet. All of the scaling technology developed as part of the new partnership will be made available 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 a “first attempt to use decentralized technology to give individuals a sense of accountability and ownership over the communities they create and contribute”.
In the past few days, Redditors have made headlines for their coordinated day trading campaign to pump shares in game retailer GameStop while flushing seasoned hedge funds.