Reddit, the social bookmarking and news aggregator website, announced a partnership with the Ethereum Foundation to establish Reddit’s first blockchain partnership, targeting over 50 million users.
The objective of this alliance is for Reddit to support the Foundation (in charge of developing the network) to increase the scalability of the Ethereum blockchain. The idea is that it can handle the potential increase in the volume of transactions by the different applications and resources that work within the ecosystem.
In a statement posted on their Reddit website explains the following:
Through this partnership, we will increase our 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 beginning of the partnership between Reddit and Ethereum
This union between the two organizations began a long time ago. Since 2020 they have been developing two joint projects , one that rewards content with ERC-20 tokens ( Community Points ), and another that consists of a contest to create scaling systems for Ethereum.
In this new stage of the association, aim to develop the technology necessary to launch large-scale decentralized applications , including Community Points . They add that the scaling technology developed through this relationship will be open source and available for anyone to use.
Last year, the Ethereum Foundation and Reddit introduced Community Points to return more ownership and control to users, through decentralized technology. The points system, based on Ethereum, motivates the better performance of the community members.
In the statement, written by the Reddit administrator u / jarins , it is noted that this project was the first attempt to use decentralized technology to empower people to have a sense of responsibility and more ownership in the communities they create and contribute to.
The community point system is currently in beta on the web Rinkebey testing and being tested with the r / Cryptocurrency and r / FortNiteBR forums.
Scaling bake-off between Reddit and Ethereum
The Reddit statement recalls that this collaboration with the Ethereum Foundation began with the Scaling Bake-Off
Scaling Bake-Off attributes tokens to users’ wallets (called vaults ) based on your contributions to the site. There are on-chain storage requirements for this program, including minting new tokens, onboarding new users, and integrating tokens with third-party applications and smart contracts.
Until September 15, 2020 each shipment of bake-off needed to demonstrate proof of concept to support the minting of 100,000 tokens, 75,000 token burnings, 25,000 subscribers and 100,000 token distributions over a five-year period. The rules called for scaling solutions to be decentralized and interoperable with third-party applications, while keeping the wallets easy to use and uncensored.
It is worth remembering that it was May 14, 2020 when Reddit launched the “community points” system, as published by CriptoNoticias. In presenting this system, Reddit said that community points are “a mechanism for Redditors to own a portion of their favorite communities.”