Reddit Partners With The Ethereum Foundation
- Reddit has entered into a formal partnership with the Ethereum Foundation.
- The two will work on developing the technology needed to launch Community Points and other Reddit projects on Ethereum.
CEO and co-founder of Reddit, Steve Huffman, interviewed by CNBC’s Karen Tso onstage at the Web Summit in Lisbon, Portugal in November, 2017. Shutterstock
Social media platform Reddit has teamed up with the Ethereum Foundation to establish Reddit’s first-ever blockchain partnership.
According to the company’s announcement, the partnership will enable Reddit to bring the value and independence of blockchain technology to its massive userbase. With the platform attracting more than 50 million daily users and hundreds of thousands of communities, connecting to the Ethereum ecosystem will further enhance its decentralized ethos.
Reddit first partnered with the Ethereum Foundation last summer, when they hosted the Scaling Bake-off, inviting projects to share how their scaling solution can be used to bring the newly launched Reddit Community Points to the mainnet. Today’s announcement marks the formalization of that partnership.
Reddit said the intention behind the collaboration was to help accelerate the progress made on scaling and develop the technology needed to launch Community Points and other large-scale Reddit applications on Ethereum. The company noted that the technology developed through this partnership would be open-source.
Aya Miyaguchi, the executive director of the Ethereum Foundation, said the key in forming a relationship with Reddit was its vision and how it maintains its culture and philosophies.
“We’re excited to have an ongoing relationship with Reddit and more collaboration as we work together to improve Ethereum for the entire ecosystem,” she said on Reddit.
- Launched in May 2020, the Community Points feature allowed Reddit users to earn points in the form of ERC-20 tokens through positive engagement.
- After the news broke out, the price of several Reddit-based tokens quickly crashed, with r/CryptoCurrency’s MOON going down by 85%, and r/FortNiteBR’s BRICK by 50%.
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- MetaMask Bridges was designed to aggregate multiple blockchain bridges in one place, making it easier and more secure for users to transfer their assets from one network to another.
- The new feature currently supports the Ethereum, Avalanche, BNB Chain, and Polygon blockchains, as well as the Connext, Hop, Celer cBridge, and Polygon Bridge.
- Over the weekend the Ethereum PoW network fell victim to a replay exploit, with the attacker executing the same transaction on two chains at the same time.
- The exploit was caused by a contract vulnerability in the Omni cross-chain bridge, and did not affect the ETHW network itself.