Reddit Doubles Down on Web3 With EF Partnership

Screen Shot 2021 01 28 at 11.25.47 AM

Reddit announced a partnership with the Ethereum Foundation, a sign it’s betting on a more decentralized internet and doubling down on the leading smart contract platform. 

The social media company and the foundation started collaborating last year with the  Scaling Bake-off, a scaling technology competition. Reddit is also exploring  Community Points – or non-transferable ERC20 tokens which can be earned through active usage of various subreddits.

“This project is our first attempt at utilizing decentralized technology to empower individuals to have a sense of accountability and more ownership in the communities that they create and contribute to,” states the Reddit announcement.

Community Points for the Cryptocurrency and Fortnite BR communities are currently operating on Rinkeby – likely waiting for the Scaling Bake-off winning implementation to go live before making their way to mainnet.

The winner of the Scaling Bake-off has yet to be announced since the competition concluded in August. The last update on the Bake-off came on Sept. 30, stating that due diligence is “taking a bit longer than expected.”

The effort will be led by Reddit’s Crypto team, which is currently hiring backend engineers. 

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