Reddit partners with Ethereum Foundation

[mks_dropcap style=”letter” size=”52″ bg_color=”#00306e” txt_color=”#00306e”]W[/mks_dropcap]hile the online community Reddit is in the international headlines because users are organizing to buy shares, the creators behind it are pushing ahead with their blockchain and token technology plans. A partnership has been struck with a massive player in the crypto industry: the Ethereum Foundation.

“While Reddit continues to grow with more than 50 million daily users and hundreds of thousands of communities, the platform has long maintained a decentralized ethos by allowing users to create, manage, and grow their own communities,” the US company says. “Through this partnership, we will strengthen our commitment to the blockchain, accelerate scale and resources for the Ethereum ecosystem, and bring the value and independence of blockchain technology to millions of Redditors.”

The plan is to bring the community points system to Ethereum. The points system was introduced in 2020 and is currently being tested in the CryptoCurrency and FortNiteBR subreddits. Users can earn points for various actions there. “This project is our first attempt to use decentralized technology to give individuals a sense of accountability and more ownership over the communities they create and contribute to,” it says. In turn, users can exchange the points they earn for virtual goodies such as badges, emojis, or a GIF feature in the comments sections that allow them to stand out from other users.

Reddit will now have its own crypto team working with Ethereum. They want to make sure to bring “blockchain to millions of users,” he said. There should already be announcements about this in the coming months. Loyalty systems based on blockchain are by no means new – various industries have been experimenting with them for some time, even if there has not yet been any resounding success. Reddit as a platform for this could help the topic achieve a breakthrough.

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