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Reddit collaborates with Ethereum Foundation

Reddit collaborates with Ethereum Foundation

Reddit, a prominent social media site, collaborates with the Ethereum Foundation to enhance its Community Points Infrastructure. In a post by Reddit admin u/jarins on the r/Ethereum subreddit, the collaboration implies how Reddit will be expanding its pledge to the Blockchain. It is stimulating scaling and resources for the Ethereum ecosystem, and introducing the value and independence of blockchain technology to Reddit communities and millions of Redditors. 

The platform stated that it was already pretty decentralized. Users can create, post, and govern their communities in the network. The company elucidates that its partnership began with its Scaling Bake-Off, which started in June 2020. Moreover, that application attempted to employ Blockchain to manage the site’s community points system. Twenty-two blockchain projects presented proposals to the site. Earlier, Reddit engaged in the cryptocurrency field, having formed Ethereum-based tokens for two subreddits r/Cryptocurrency r/FortniteBR. Last May, it launched its native token, “MOON.”

Comprehensive details about MOON Tokens and Community Points Infrastructure

The token rewarded users of Reddit’s r/Cryptocurrency for their assistance in the communal forum. Redditors could receive more MOON tokens based on the quality and quantity of their content. The better the quality of their contribution, the more MOON tokens were transferred to them. As Reddit had already leveraged Ethereum to develop ERC-20 tokens, their collaboration now appears to be an imminent increase that excites the community. Reddit unveiled that Community Points, which it launched last year, will allow users to realize rewards and ownership of their posts and comments. Moreover, Development of Community Points will take place via Ethereum’s blockchain technology.

Nevertheless, the company’s specific plans and its timeline are still not clear. Reddit is not the only social media network welcoming Blockchain. Moreover, Twitter is keen on developing a decentralized social media standard called Bluesky. Meantime, the Facebook-backed Diem Association is preparing to start its stablecoin in the upcoming months. Moreover, Blockchain can assist small transactions and make the technology ideal for social media sites, where points, credits, and monetary tips move in small amounts.

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