Reddit To Expand Points With Ethereum Foundation

Reddit To Expand Points With Ethereum Foundation

January 27, 2021

Key Takeaways

  • Reddit has announced plans to work with the Ethereum Foundation to scale up its points system.
  • Community Points were introduced to two subreddits in May 2020.
  • Blockchain initiatives are underway at other social media companies as well, including Facebook and Twitter.

Social media site Reddit is partnering with the Ethereum Foundation to scale up its Community Points infrastructure.

Reddit Embraces Ethereum

Reddit says that through the partnership, it “will be increasing [its] commitment to blockchain, accelerating scaling and resources for the Ethereum ecosystem, and bringing the value and independence of blockchain technology to millions of redditors.”

The company notes that its collaboration originated with its Scaling Bake-Off, which began in June 2020. That effort sought to use blockchain to handle the site’s community points system. Twenty-two blockchain projects submitted proposals to the site.

Eventually, Ethereum-based points were introduced to two subreddits: r/CryptoCurrency and r/FortNiteBR. Points represent each user’s ownership in a community and serve as rewards.

Today’s announcement suggests that Community Points will be expanded across Reddit, and that the tools used to introduce these features will be open-sourced for the public. However, the company’s precise plans and its timeline are still unclear.

Aya Miyaguchi, executive director at the Ethereum Foundation, stated in a Reddit comment that the group is “excited to have an ongoing relationship with Reddit and more collaboration as we work together to improve Ethereum for the entire ecosystem.”

Blockchain and Social Media

Reddit is not the only social media platform embracing blockchain. Twitter is looking into building a decentralized social media standard called Bluesky. Meanwhile, the Facebook-backed Diem Association is planning to launch its stablecoin in the coming months.

Reddit says it also is in contact with a number of other blockchain projects. “We’ve been very impressed with the responses we’ve gotten from the scaling bake-off, and we’re in touch with a few teams to explore those options in more detail,” a site representative wrote.

The fact that blockchain is capable of supporting small transactions makes the technology ideal for social media sites, where points, credits, and monetary tips are often moved in small amounts.

At the time of writing this author held less than $50 of Bitcoin, Ethereum, and altcoins.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article