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Ethereum Foundation And Reddit Come Together For Yet Another Project

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The Ethereum Foundation has been rolling out an array of developments pertaining to the ETH network. While the altcoin recently hit an all-time high, the Ethereum community had yet another news to rejoice to.

Ethereum Foundation Hopes To Bolster Reddit’s New Venture

The social media platform, Reddit has been a great platform for crypto-users. The Ethereum foundation has made prominent presence on the platform and it seemed like the foundation and Reddit were coming together once again. In a recent announcement, the Reddit admin jarins revealed that a partnership between the two was going on board. The platform intends to dive into the blockchain industry to boost scaling as well as resources for the Ethereum network.

The post read,

“As 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 empowering users to create, govern, and grow their own communities. Through this partnership, we 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 millions of redditors.”

With this, Reddit suggested that it would prolong its association with the foundation to roll out several other projects in the coming months. The subreddit was filled with several comments from the ETH community congratulating both Reddit as well as the foundation.

Reddit and the Ethereum Foundation go way back. Previously, Reddit had rolled out the Great Reddit Scaling Bake Off competition which urged people to submit scaling solutions for the Ethereum network. Another project was also preceded by the social media platform that involved Community Points. This imitative offered ERC-20 tokens to those who submitted content.

The Ethereum community has several things to look forward to. While the Phase zero of Eth2 took off in full force, other developments pertaining to the same is still underway.

Reddit Community Points to Harbour 430 Million Users on Ethereum

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Discussions Platform Reddit is pushing ahead with the launch of a token that will serve its social network of at least 430 million users. Last month, Reddit launched a community rewards system, bringing at least 20 million users to ERC-20-based community tokens. The rewards system, dubbed “community points,” will award ERC-20 tokens to contributors for doing small things such as posting or commenting.

Initial Plan was to Onboard Subreddits r/Cryptocurrency and r/FortniteBR 

At first, the community points were only partially targeted by a section of the cryptoverse community on the platform, with only 20 million users from both subreddits r / Cryptocurrency and r / FortniteBR. According to a press release published yesterday, Reddit has announced a new goal of scaling up its community reward points system to 430 million active monthly users.

Community Points are different and different from existing in-game Points or rewards because they are available as a real digital currency that runs on the Ethereum blockchain. As a matter of fact, Reddit is betting its odds, for community points, on r / Ethereum subreddit users that prides a following of more than 466,000 subscribers.

A Scaling Solution for Reddit Community Points is Imminent

On the other hand the scaling solution will have to accommodate millions of users;  and would take the formula of housing at least 100,000 community points; 100,000 transfers; 25,000 substitutions and 75,000 one-ff points burning. All of which, the developers are scheduling to take place within the space of only five days. 

In partnership with Ethereum, the social platform urged developers and community members to propose suitable scaling solutions; that have the ability of integrating community points on the Ethereum mainnet. The submissions proposal encouraged any submissions to revolve around decentralization, usability and scalability. 

Reddit is not the first social media platform to execute a cryptocurrency plan.  Much has been done by social media giant Facebook ahead of its much anticipated Libra coin; while on the other hand Messaging LLC- Telegram just scrapped its plans of issuing a digital token across its platform. 

The messaging platform put a full stop to its plan following massive regulatory battles with authorities. 

Ethereum Chosen by Reddit to Create two Native Tokens for ‘Cryptocurrency’ and ‘Fortnite’ Subreddits

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Cryptocurrencies have gradually but steadily penetrated mainstream markets as more and more people become aware of the technology worldwide. Reddit has taken on the responsibility of bringing the popularity of the crypto world to the next level by launching its own tokens.

On Wednesday, the Alexis Ohanian co-founded website revealed that they were beta testing two different Ethereum-based virtual assets for users to dabble in. These tokens are intended to serve as incentive systems for users who post content to Reddit.

Reddit stated that the decision to launch the two tokens was part of a routine experiment to improve the ecosystem. Two tokens called $MOONS and $BRICKS will be available to members of the subreddits / r / Cryptocurrency and / r / Fortnite BR. These sub-reddits will be part of Reddit’s new venture known as “Community Points.” Engaging subreddits like Fornite was a move to bring in millions of more people into the nascent cryptocurrency world.

These Group Points will be made available to users in the form of badges, individual GIFS and other character attributes. Once the beta test is completed, Reddit plans to take feedback from all users and compare notes. Every four weeks, Reddit aims to publish a list of how much karma each user has earned in each community. Once this process is completed, the community has a one-week window to review the lost and propose any changes if they exist.

$MOONS and $BRICKS can be used by users to vote, transfer funds and tip content creators without the difficulty of tracking different entities. In order to ensure that transparency is maintained, the members of Reddit will be able to see each other’s token balances. This move was initiated to block any kind of illegal activity or phishing on the website.

In addition to the forthcoming digital tokens, Reddit is also expected to launch a native asset management platform called Vault. According to the Reddit website, the Vault was a way for Reddit users to function as one, building a diverse and exclusive culture. Vault was developed after Reddit found that certain groups had been cut off from others, hindering collaboration and creativity.

Both Vault and the two tokens will be checked by Reddit and Trail of Bits over the summer. The Social Media Platform reported that Trail of Bits was an independent security company with blockchain experience to analyze smart contracts and mobile applications. Added the Reddit Vault extension:

“Community Points are currently in beta (through summer 2020). During that time, they will be on the Rinkeby testnet, and balances, transactions, and memberships may be reset. After the feature leaves beta, Community Points will be migrated to the Ethereum mainnet. Points balances will be carried over (though will need to be reclaimed). To identify potential bugs, Reddit is inviting security researchers to assist in finding the vulnerabilities in Community Points. “

The announcement definitely delighted at the cryptocurrency community because of the positive effect it might have on future industries. Ethereum also witnessed a small increase in its price post announcements, but this may have been helped by the ongoing market bull run. At the time of the press, Ethereum traded $199.1 with a total market cap of $22.1 billion. The 24-hour market volume had increased to $18.15 billion after a 4 percent price hike over the previous day.

Ethereum’s Reddit Announcement Could be a Major ‘Silver-Lining’ In Terms of Long-Term Adoption of ETH

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After weeks of disappointing performances in price charts, the community of Ethereum finally had something to cheer on. The largest altcoin in space currently valued at $158 was the center of the discussion as reports suggested that Reddit is testing an Ethereum-based community point system for its online users.

According to a video released by a Redditor MagoCrypto, the social media platform would be releasing a list of members and their karma every month, and these members would be able to propose changes, which will allow them to claim Community Points.

It was believed these Community points will be Ethereum based ERC-20 tokens that would enable Redditors to access certain parts of the community. A statement from the Reddit feature Mago, indicated,

“Community points are fully controlled by the people who own them. They live on the Ethereum blockchain, which is the same technology as Bitcoin to guarantee property rights and control. Even Reddit cannot take them away.”

However, a media outlet reached out to a Reddit Spokesperson and the person involved confirmed that Reddit was experimenting with a blockchain-based system. However, Ethereum wasn’t mentioned in his statement. He said,

“We continuously experiment with ways to support communities on Reddit. In this instance, we’re working with one community to test a feature that represents a user’s involvement in a community. We value and seek out community feedback as we continue to explore features that engage our users and communities.”

Silver Lining for Ethereum? 

Assuming the reports are accurate and Ehtereum has been taken under consideration for the new community points system, it will be largely positive for Ethereum’s adoption over the long-term.

Reddit reported an active user base of over 430 million in early 2019 which can only be expected to increase over the past 12 months.

If such a large userbase is exposed to ETH on Reddit, it could be hugely beneficial for the growth of DeFi. As mentioned above, ERC-20 tokens would be considered as community points. ERC-20 tokens are DeFi compatible and needless to say, it will create an influx of users into Decentralized Finance.

With over 350 million active users on Reddit, a migration of a mere 10 percent of the total users into DeFi will facilitate a 10,000 percent growth in the DeFi space.

Considering Ethereum holds an edge over Bitcoin due to its compatibility nature, which is the ability to combine different systems within a single blockchain, it may allow ETH to outperform BTC over the few years.

However, Ethereum continues to deal with its long-term scalability issue, and according to various analysts, the interoperability aspect of DeFi requires further development as well.

The liquidity in DeFi is also limited to an extent that would be solved if more assets can be used as collateral on the DeFi platform.

Overall, the announcement is fairly positive for Ethereum’s space, as its asset has struggled to attain a bullish rally since the market collapse of 13th March.