Reddit Partners with Ethereum Foundation to Create Scaling Solutions on Its Social App

2021-1-28 17:52

Reddit partners with the Ethereum Foundation to scale its “Community Points Rewards” system. The points system rewards quality user posts with crypto tokens. The new system will be open source and available for every developer to use.

In mid-June 2020, Reddit announced a possible partnership with the Ethereum Foundation to scale its ‘Community Points Rewards’ system. The move was widely regarded as the first step the popular discussion social app was taking in creating a decentralized community to promote freedom and incentivize “quality” posts on the platform. Now, Reddit is formalizing its steps to decentralization with an official partnership with Ethereum’s lead development team, the Ethereum Foundation, announced on Wednesday.

Reddit’s “first-ever blockchain partnership” aims to boost community participation through blockchain, accelerate scaling and development tools for Ethereum’s ecosystem and bring value and decentralization to its millions of customers globally, the post reads.

The two companies worked together on the Scaling Bake Off competition in August 2020 to promote decentralization on Reddit. A total of 22 projects submitted their detailed scaling solutions pitches, including Matic Network, NEAR Protocol, and SKALE Network.

The new partnership will focus on scaling the Community Rewards Points system for a start, the post reads. The point’s system will reward users with crypto bonuses for “quality posts” and comments. The developments will be led by the Reddit development team, with help from the Ethereum Foundation, but the system will be available for anyone to use. The Reddit post reads,

“We intend 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 Community Points Rewards system is currently in the beta testing phase on the Rinkeby Network and tested in two communities on Reddit – r/CryptoCurrency and r/FortNiteBR. Each of these discussion groups has over 1 million users, and plans are underway to scale the rewards to every 430 million users on the social platform.

The report further states the rewards system aims to “utilize decentralized technology to empower individuals to have a sense of accountability and more ownership in the communities they create and contribute to.”

Ethereum/USD ETHUSD 1,338.0797 $113.20 8.46% Volume 34.92 b Change $113.20 Open$1,338.0797 Circulating 114.44 m Market Cap 153.13 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=ETH&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~ETH~USD"); The post Reddit Partners with Ethereum Foundation to Create Scaling Solutions on Its Social App first appeared on BitcoinExchangeGuide.

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