Reddit has announced a partnership with the Ethereum Foundation. Together they will be looking for solutions to scale the blockchain. The technology developed through this partnership will be made publicly available for everyone to use.
“At this stage of cooperation, we would try to bring Ethereum to the scale of Reddit. Our crypto team will take care of this. We are hiring backend developers who want to create a decentralized internet” the site's announcement says.
Her spokesperson stressed that the initiative aims to advance the scaling and development of technologies that are required to run large applications such as Ethereum-powered Community Points. The program was launched last year, users of the r/Currency and r/FortNiteBR subreddits received tokens for quality content. These are ERC-20 coins that operate on the Rinkeby testnet, but users have found a way to exchange them for real cryptocurrency.
Over 50 million users visit Reddit every day. The announcement of a partnership with the Ethereum Foundation was another positive factor for the cryptocurrency. On January 25, its quotes renewed their all-time high near the $1500 mark.
Among the reasons for the growth of the cryptocurrency rate by more than 14 times since March last year is the launch of the zero phase of the ETH 2.0 update, which took place in December, as well as the addition of altcoin futures on CME in February.
Earlier, Cointelegraph analyst Marcel Pechman predicted that the Ethereum rate could rise to $2 thousand. Pechman named three reasons, including the outflow of coins from trading floors, high trading volume, and a decrease in the overbought index of the asset.
