Popular online medium site Reddit has announced a new strategic partnership with Ethereum Foundation in a bid to offer large-scale applications on Ethereum.
Reddit disclosed this partnership via an official blog post, noting that the collaboration with Ethereum Foundation will provide development resources to scaling tools.
According to the announcement, the new collaboration will result in the social media platform’s commitment to blockchain, bringing the benefits (independence and value) of blockchain to its users, and help accelerate resources and scaling for the Ethereum ecosystem.
“In this new stage of our partnership, immediate efforts will be focused on bringing Ethereum to Reddit-scale production. Our intention is to help accelerate the progress being made on scaling and develop the technology needed to launch large-scale applications like Community Points on Ethereum,” the statement read.
Also, Reddit noted that the scaling technology created via its collaboration with Ethereum Foundation will be open-sourced and publicly available for everyone to use.
About Community Points
The Community Points system was unveiled by Reddit in May 2020 to two communities, r/CryptoCurrency and r/FortNiteBR (these are communities with an interest in cryptocurrency activities and the Fortnite game).
Built on Ethereum, Community Points represent a user’s ownership in a community and rewards them for their respective contributions.
Both platforms started their partnership with the Scaling Bake-Off that Reddit hosted with the Ethereum Foundation. However, this new initiative will be led by the Reddit crypto team.
Presently, Reddit has over 50 million daily users, hundreds of thousands of communities, and roughly 430 million monthly users.
Reddit Co-Founder Adds Bitcoin To Twitter Bio
In a similar development, Alexis Ohanian, Reddit co-founder, has followed the footsteps of Twitter CEO Jack Dorsey by adding #Bitcoin to his Twitter bio.
Ok changing the bio…..#Bitcoin https://t.co/LOYYdRAfqY
— §AlexisOhanian 7️⃣7️⃣6️⃣ (@alexisohanian) January 29, 2021
Openly reaffirming his support for digital currency, the social media platform boss responded to ex-Coinbase chief technology officer Balaji Srinivasan’s tweet.
Earlier, Elon Musk also declared major support for Bitcoin. He also described the top crypto as inevitable.
In retrospect, it was inevitable
— Elon Musk (@elonmusk) January 29, 2021
Bitcoin witnessed a 15% rise in less than 15 minutes after Musk’s tweet. And the crypto space has attributed the crypto rise from $32,000 to $37,050 on the day of his tweet to Musk’s actions.
Also, the world’s richest man recently declared support for Dogecoin. He took to his Twitter account to tweet a digital magazine featuring a dog on its cover page, apparently showing his support for the crypto.
— Elon Musk (@elonmusk) January 28, 2021
BTC and DOGE Price
At the time of publication, BTC token was trading at $38,612.88, with a market cap of $719,068,143,377 and a 24-hour trading volume of $54,221,029,077. Also, DOGE token was trading at $0.079898, with a market cap of $10,598,808,580 and a 24-hour trading volume of $13,274,208,648.
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