Reddit, the popular social media platform, is partnering with Ethereum Foundation to increase the scaling and resources.
A news post on cointelegraph claimed that Reddit plans to partner with the Ethereum Foundation in what is being called the social media’s first-ever blockchain partnership. Reddit sees more than 1.7 billion monthly visits from users all over the world.
Reddit, through their admin u/jarins, gave an announcement that the aim of the partnership will be to push the portal commitment to the blockchain. It can do that by increasing the monthly scaling and resources through the Ethereum ecosystem.
Besides, it also wants to bring value to blockchain technology for its Redditors. European Chamber of Digital Commerce is a hub for the top developments in Digitalization. Fintech had to tweet on the development of Reddit partnering with the Ethereum Foundation to enhance the scaling and resources.
Last year, in 2020, the social media platform initiated two Ethereum based projects. The first project was Community Points, dealing with a reward system for Redditors having at least ERC-20 tokens.
Redditors who have ERC-20 tokens can contribute engaging content to the site. The social media platform then had a competition known as The Great Reddit Scaling Bake-Off. In this bake-off, they sought Ethereum scaling technology solutions, enabling apps like the Community Points to progress to mainnet.
Then it can accelerate the network’s 400+ million monthly users. Using the next stage of partnership with Ethereum Foundation, it will want to develop on the scaling technology. This can help Community Points on the Ethereum blockchain, which are large-scale applications.
The partnership will be under the in-house crypto team of Reddit. Additionally, the social media platform also appealed to back-end engineers experienced and interested in contributing to the Reddit crypto team.
These engineers can design a more powerful and stunning decentralized internet. The scaling technology being developed will be open-sourced to the public. The Community Points are designed using the beta on the Rinkeby network.
They are currently tested in r/Cryptocurrency and r/FortNiteBR. According to Reddit, the application will be the first to use decentralized technology to empower individuals to gain a sense of accountability and ownership.
As of now, Redditors are grabbing attention for their intense day trading campaigns for gaming retailer GameStop. Even the likes of Elon Musk and Chamath Palihapitiya have stepped up to endorse them.