They plan to launch Reddit’s Community Points system on the mainnet. They want to bring independence from blockchain technology to millions of redditors.
The social bookmarking and news aggregator website that works under Reddit’s control will join forces with the Ethereum Foundation to consolidate Reddit’s first blockchain partnership, targeting more than 50 million users.
This alliance’s goal is for Reddit to support the Foundation (in charge of developing the network) and then increase the Ethereum blockchain’s scalability. The idea is to deal with the potential increase in transaction volume by the different applications and resources within the ecosystem.
The Reddit-Ethereum Partnership
These two organizations’ union started long ago. Since 2020 they have been developing two joint projects, one that rewards content with ERC-20 (Community Points) tokens, and the other being a contest to create scaling systems for Ethereum.
The partnership reached a new stage in which they intend to develop the necessary technology to launch decentralized applications globally, including Community Points. They add that this relationship’s escalation technology will be open source and available for anyone to use.
Last year, the Ethereum Foundation and Reddit introduced Community Points to bring back ownership and control to users through decentralized technology. The points system, based on Ethereum, empowers the performance of every member of the community.
Admin u / jarins wrote a statement remarking how important it is that this project is the first attempt to use decentralized technology to empower people to be more responsible and upgrade a sense of ownership in the communities they create.
The community points system is currently in beta on the Rinkebey testnet and is under testing by the r / Cryptocurrency and r / FortNiteBR forums.
Scaling Bake-off between Reddit and Ethereum
The Reddit statement specifies that this collaboration with the Ethereum Foundation started with the Scaling Bake-Off, a contest for developers to submit scaling solutions to create an easier migration of Community Points Ethereum mainnet.
Scaling Bake-Off attributes tokens to users’ wallets (called vaults) derived from their contributions to the site. There are on-chain storage requirements for this program. Those requirements include minting new tokens, onboarding new users, and integrating tokens with third-party applications and smart contracts.
Until September 15, 2020, each bake-off shipment needed to show proof of concept to support the stamping of 100,000 tokens, 75,000 token burnings, 25,000 subscribers, and 100,000 token distributions over five years.
By: Jenson Nuñez
