Reddit, a prominent social media network, announced that it has partnered with Ethereum Foundation to bring value and independence of the blockchain technology to more than 50 million daily Reddit users.
According to an official post by Reddit admin, u/jarins, the platform is planning to enhance its presence in the Ethereum ecosystem to accelerate scaling and resources for the network. The admin mentioned that the platform has maintained a decentralized environment to help users grow their own communities.
The platform aims to bring Ethereum to Reddit-scale production with the new partnership. Reddit is also planning to develop large-scale applications including community points on Ethereum.
“In many ways, this collaboration started with the Scaling Bake-Off that we hosted in this community with the Ethereum Foundation. In this new stage of our partnership, immediate efforts will be focused on bringing Ethereum to Reddit-scale production. 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,” the official announcement states.
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Reddit Community Points
The social networking platform introduced Reddit community points last year to empower users with more control through decentralized technology. Additionally, Reddit announced that the company is hiring backend engineers to accelerate its blockchain efforts through decentralized internet. Reddit aims to enhance its partnership with the Ethereum Foundation in the future.
“Community Points represent a user’s ownership in a community and rewards them for their individual contributions (such as posts and comments). This project is our 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,” u/jarins added.
ETH is currently trading near $1,300 after crashing to nearly $1,200 during the latest crypto market sell-off. Ethereum now has a market cap of approximately $150 billion.