Reddit and Ethereum partner to scale up crypto industry

Online forum platform Reddit announced on Wednesday that it is partnering with the Ethereum Foundation. The two will work together to create scaling tools for the blockchain network.

A message posted by Reddit administrator Jarins stated: “With this partnership, the company will expand its participation in the blockchain and cryptocurrency space, accelerate the development of the Ethereum ecosystem and provide it with new resources. Thus, millions of users will learn about the value and independence of blockchain technology.

“Through the partnership, we will accelerate the scaling of the Ethereum ecosystem and bring the value and independence of blockchain technology to millions of Reddit users. […] At this stage of cooperation, we would try to bring Ethereum to the scale of Reddit. Our crypto team will take care of this.” The Reddit administrator emphasized that the jointly developed technology will be based on the principles of open source and will be made publicly available for everyone.

Last year, Reddit created a points system “Community Points” that worked with ERC20 tokens. With Community Points, users of r / Currency and r / FortNiteBR subreddits can earn cryptocurrency for participating in the community and creating quality content. These ERC-20 coins operate on the Rinkeby testnet, but users have found a way to exchange them for real cryptocurrency. 

In June 2020, Reddit asked Ethereum developers to help scale the Community Points program. The collaboration started with the Scaling Bake-Off online conference held on Reddit and is now taking it to the next level. With the help of Reddit, Ethereum will gain new scalability in the development of decentralised applications. The Ethereum team will receive technology to develop and run high-load applications such as Community Points. They will give users new opportunities for decentralised ownership and self-government of communities. 

The Reddit community interacted with the news of the partnership enthusiastically, and comments and questions poured in on the subreddit post by Jarins. He said that he and several people from the Ethereum Foundation will answer all the questions. He also promised more exciting news in the coming months.

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