Credit: Original article published by Crypto Briefing Blog.

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.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Mine Pi From Your Cellphone

Mine Pi Now! - Use our username (cryptosonline) as your invitation code.

Visit Our Other Websites

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris, tokenized on the WAX blockchain.

Dexize.com - Ultra-Priviate DEX.

ClassicAutomobile.org - Classic Automobile News.