- Reddit-Ethereum Foundation partnership will increase ETH assets.
- High institutional demand is the driving factor of Ethereum’s ATH.
- Community point project application is in its Beta testing stage.
Reddit has intensified its bond with Ethereum Foundation. The social media platform states that, the partnership is the first of its kind with blockchain services.
Reddit admin u/jarins stated the purpose of the alliance. The purpose of the partnership is to improve website’s commitment towards blockchain. The partnership will increase ETH assets. As a result the value and autonomous nature of blockchain technology will be offered to millions of reddit subscribers.
Ethereum Foundation Deserves the Partnership
This did not come as a surprise as interest in Ethereum is growing. The second largest digital currency recently made another history in the market after reaching a new all-time high on Monday.
According to statistics, the current rise in Ethereum’s value was driven by high institutional demand. Coinbase revealed in a report last year, which showed how several investors used the digital asset as a store of value. The trading platform explained that institutional demand for Bitcoin and other cryptocurrencies was growing.
Investors opined that they would get higher return on investment with Ethereum than Bitcoin. Although these investors bought a staggering amount of Ether their main attraction was still BTC. Coinbase revealed that investors have and hold Ether because it can effectively store value and because it is the second largest digital asset.
Community Point Project
This is not the first time Reddit will be having something to do with Ethereum Foundation. They launched two big Ethereum-centered enterprises last year. The first one was an application named Community Point. The application has a system which rewards Reddit users with ERC-20 tokens for participating in and putting up appealing contents on the site. This was followed up with a contest. The contest seeks the submission of Ethereum scaling technology solution which would enhance several applications such as Community Point to maintain and scale all of the monthly over 500 million subscribers.
It is expected that the next collaboration with Ethereum Foundation would be more formalized. The aim is on growing a scaling technology that can sustain large-scale applications such as Community point on ETH blockchain. The initiative will be championed by Reddit’s internal cryptocurrency crew. An opening was announced for backend experts who are interested in scaling and would like to be a part of the Reddit cryptocurrency crew. The function of the backend experts will be to aid the advancing the course of a more decentralized internet. All the new scaling tech formed as a result of the collaboration will be opened to the public.
In the post, Community Point is currently undergoing beta testing on the Rinkeby network. Reddit refers to the app as its initial effort at using decentralized tech to empower people so as to have a sense of responsibility and ownership in the communities they formulate and contribute to. Recently Reddit subscribers are making headlines as a result of their coordinated day trading rally to increase their share in the game retailer.
image Sharaf Maksumov / Shutterstock.com
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