The Reddit social platform has announced a partnership with the Ethereum foundation in order to accelerate scaling and resources for the Ethereum ecosystem.
The move was announced on the platform itself as its first-ever blockchain partnership. Reddit, which claims to have more than 50 million daily users stated that it has “long maintained a decentralized ethos” by empowering users to create and govern their own online communities.
The post penned by Reddit admin Jarins on the r/Ethereum subreddit added;
“Through this partnership, we will be increasing 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.”
More Contributions to Ethereum
It continued to state that the collaboration initially started with a “Scaling Bakeoff” which invited Ethereum scaling projects to show the community how their scaling solutions could be used to bring Community Points to Reddit.
The goal was to find a solution that would support hundreds of thousands of Community Points users on Reddit, and could eventually scale to all of its 430 million monthly users. Community Points was another initiative in the Ethereum Foundation which represents a user’s ownership in a community and rewards them for their individual contributions.
The Community Points system, which was first initiated on Ethereum in May 2020, is currently in still beta on the Rinkeby network and is being tested in the CryptoCurrency and Fortnite subreddits.
Jarins added that they are looking to hire backend engineers, summarizing;
“We’re looking forward to working closely with the Ethereum Foundation, and contributing more to the broader Ethereum ecosystem – and we hope to share some exciting announcements over the next few months.”
Aya Miyaguchi from the Ethereum Foundation replied;
“We’re excited to have an ongoing relationship with Reddit and more collaboration as we work together to improve Ethereum for the entire ecosystem. We continue to be impressed with Reddit’s vision, and by how it maintains its culture and philosophies, which were key in forming this relationship.”
Price Update
While the solidification of an official partnership between the social media giant and the Ethereum Foundation is good news, it has had little effect on the price of the asset itself.
ETH prices have retreated back under the $1,300 level, largely in the shadow of Bitcoin which has fallen back to $31,000, as the correction continues. ETH is close to wiping out all of its gains over the past two weeks but is still up over 75% on the past thirty days.
Since its all-time high of $1,480 on Jan. 25, ETH has corrected 11%.
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