Reddit stated Wednesday it was partnering on scaling and know-how improvement with Ethereum Basis, the non-profit that helps the Ethereum (ETH) cryptocurrency.
What Occurred: The partnership is centered on bringing ETH to Reddit-scale manufacturing.
“Our intention is to assist speed up the progress being made on scaling and develop the know-how wanted to launch large-scale purposes like Group Factors on Ethereum,” a Reddit admin stated in an announcement.
The scaling know-how developed via the partnership could be open-sourced and publicly out there for anybody to make use of.
The blockchain efforts will likely be led by Reddit’s crypto group.
Why It Issues: Ethereum is the second-largest cryptocurrency by market capitalization behind Bitcoin.
Reddit launched Group Factors final 12 months purportedly to offer possession and management again to its customers via using decentralized know-how.
The Group Factors — nonetheless in beta and constructed on Ethereum — reward customers for particular person contributions inside a group.
Reddit has been in focus just lately because the r/WallStreetBets subreddit has emerged as a major mover of shorted stocks like GameStop Company (NYSE: GME) and AMC Leisure Holdings Inc (NYSE: AMC).
Value Motion: Ethereum traded 2.11% increased at $1,316.29 at press time. Grayscale Ethereum Belief (OTC: ETHE) closed 6.56% decrease at $14.25 on Wednesday.
Associated Hyperlink: Dogecoin Shoots Up 62% As SatoshiStreetBets Looks To Emulate WallStreetBets Success With GameStop
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