Reddit has joined other social media sites such as Facebook and Twitter in taking up blockchain projects. The platform recently announced that it had partnered with the Ethereum Foundation to build its first-ever blockchain partnership. In a letter posted on the Ethereum subreddit, Reddit declared it was opening up Ethereum’s blockchain technology to its millions of users. Reddit hopes to strengthen its commitment to the blockchain, expand Ethereum’s user base and its resources, bring to its users the value and independence of blockchain technology.
Reddit will accelerate scaling for Ethereum’s blockchain technology by focusing on bringing it to Reddit-scale production. By doing so, Reddit aims to accelerate scaling and the development of technology that will see the launch of large-scale applications on Ethereum, for example, Community Points.
Reddit’s Community Points
Reddit’s Community Points is a tool that allows users to reward each other for quality posts. A user can exchange the points for custom features such as badges. The tool was supposed to give Redditors ownership, accountability, and control using decentralized technology. Reddit first introduced Community Points to CryptoCurrency and Fortnight subreddits in May 2020. The social media platform disclosed that the blockchain project with Ethereum Foundation stemmed from the attempt to use blockchain technology to run the Community Points feature.
For Ethereum, Reddit will have no control over the points as they will be in the blockchain’s Rinkeby test stored as ERC-20 tokens. Currently, Reddit is doing test-runs on Community Points on the r/Cryptocurrency and r/FortNiteBR.
Reddit is building up its crypto team to take up the developing project. It is currently taking applications for backend engineers who will be part of the team. Anyone excited to learn from this project will be free to do so as Reddit plans to keep the scaling technology that the project will develop as open-source.
Reddit is Open to Other Blockchain Projects
Reddit is pursuing other blockchain partnerships and plans to continue incorporating the technology into different tools on its platform. The platform believed that blockchain’s ability to accommodate small transactions makes it favourable for social media sites that feature small points, credits, and monetary tips.