Reddit inks scaling tech partnership with the Ethereum Foundation
January 27, 2021, 2:15PM EST
1 min read
Popular online forum site Reddit is partnering with the Ethereum Foundation, according to an announcement made Wednesday.
In a post penned by Reddit admin jarins on the r/Ethereum subreddit, the partnership signifies how Reddit "will be increasing our commitment to blockchain, accelerating scaling and resources for the Ethereum ecosystem, and bringing the value and independence of blockchain technology to our communities and millions of redditors."
"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 scaling technology developed through this partnership will be open-sourced and publicly available for anyone to use," jarins wrote.
As previously reported, Reddit is experimenting with Ethereum-based tokens for two of its subreddits, r/Cryptocurrency and r/FortNiteBR. The move makes official a growing relationship between Reddit and the Foundation, which dates back to last summer and saw Reddit invite developer pitches on the best means to distributed so-called Community Points to its user ecosystems.
In addition, the post highlights Reddit's in-house crypto team, which jarins said is seeking to expand its ranks.
"We are currently hiring great backend engineers who want to build the decentralized Internet," jarins wrote. "If you’re interested in solving tough problems like scaling and bringing blockchain to millions of users, send me a PM or apply directly on Reddit’s careers page -- we’d love to talk to you!"
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.