Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
550 views
Reddit-Scale Production Is Coming to the Ethereum Ecosystem
On Jan 27, 2020, Reddit announced it’s first-ever blockchain partnership with the Ethereum Foundation. The social media platform that boasts around 50 million Redditors stated that the new partnership aims to provide development resources to ETH scaling tools.
Per the announcement shared on the Ethereum subreddit, admin u/jarins revealed that the Reddit community would contribute to the ETH blockchain by launching upcoming applications that can scale.
The admin said that his platform would make immediate efforts to bring ETH to Reddit-scale production and develop the tech required to roll out large-scale applications on ETH.
The social media platform now intends to hire backend blockchain engineers to grow its role in the Ethereum ecosystem. This team of developers will be tasked with building layer 2 scaling tools and steering projects from a prototype phase to production.
Scaling Its Community Points Program
Reddit and the ETH Foundation jointly hosted the Great Scaling Bake-Off last year, an event meant to use blockchain to handle the social site’s community points system.
The development allowed various projects on Reddit to submit proposals that could bring scaling solutions to ETH and earn crypto for quality posts and comments. A total of twenty-two blockchain projects submitted their proposals.
Reddit first rolled out the Community Points to the CryptoCurrency and FortNiteBR subreddits in May of 2020. The rewards system, which runs on Ethereum’s Rinkeby testnet, is only accessible in those only those two communities for now.
According to admin u/jarins, the Scaling Bake-Off kick-started the current formal alliance between the popular discussion board and the ETH Foundation.
The new stage of the collaboration will focus on developing open-source scaling technologies available for all user-created communities, thus upholding Reddit’s long-held decentralized ethos. The endeavor also looks to scale up the Reddit Community Points while growing the ETH development ecosystem.
In a Reddit comment, Aya Miyaguchi, executive director at the Ethereum Foundation, expressed his excitement over the new collaboration.
“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,” an excerpt from Miyaguchi’s comment read.
At this point, it remains unclear whether the partnership will facilitate the expansion of Community Points across all Reddit communities.
Reddit Embraces the ETH Network
Yesterday’s announcement from the Reddit team demonstrates the platform’s increasing commitment to embrace the blockchain.
By partnering with the ETH Foundation, Reddit will help accelerate scaling for the ETH network while integrating blockchain tech’s value and decentralization to its 50 million users.
Btc
Bitcoin
$28.055
price
price
0.96356%
price change
Reddit’s partnership with the Ethereum Foundation comes when the Cardano blockchain team is reportedly working on a decentralized solution that could solve Twitter’s censorship challenges.
Stay up to date with our latest articles