Reddit joins a partnership with the Ethereum Foundation
According to an announcement on Reddit, Reddit has officially partnered with Ethereum.
"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."
-Reddit Admin u/jarins
Immediately they are starting with a Scaling Back-Off with the goal:
Do you believe your Ethereum scaling technology can handle Reddit's scale? It's time to let the Ethereum community hear about it. Send your demo by July 31, 2020.
Shame they didn't just join Hive, we already have the technology.
Reddit has already shown interest and previously done integrations with Ethereum in the past so this is no surprise, but it does make me bullish af.
"Our blockchain efforts will be led by Reddit's Crypto team (hi!). We are currently hiring great backend engineers who want to build the decentralized Internet. If you’re interested in solving tough problems like scaling and bringing blockchain to millions of users, send me a PM or apply directly on Reddit’s careers page -- we’d love to talk to you!"
-Reddit Admin u/jarins
Reddit has their own Crypto team which is working directly with the Ethereum Foundation.
"We’re excited to have an ongoing relationship with Reddit and more collaboration as we work together to improve Ethereum for the entire ecosystem. We continue to be impressed with Reddit’s vision, and by how it maintains its culture and philosophies, which were key in forming this relationship. I’m looking forward to seeing how this evolves, and how it can benefit both Ethereum and the Reddit community."
Aya Miyaguchi - Ethereum Foundation
Image Sources: 1
Why you should vote me as witness
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https://twitter.com/itsjustmarky/status/1354637186788962308
The crypto community there already had a "MOON" token. It's gonna be interesting on seeing what they do, hopefully it's geared towards people who aren't already in the crypto-sphere.
I wish them good fortune with the fees to come!
Are you following the development in crypto? Of course, they have the technology: dPOS satellites like xDai which scale as well as Hive with ZERO gas fees. Interoperability with token Bridges and State Channels are a necessity to survive in the future. Still a chance for systems like Hive to play an important role in scaling things like Reddit.
Wow, that should be welcomed like a big news for the whole crypto world. We can keep growing on Hive and stay bullish, and the chance to unleash our potential here will come as a natural consequence as we are growing our userbase.
They made the wrong choice ... Ethereum is not suitable for web 3.0 right now.
Every social media is shifting to crypto currency, at this is like an blessings to us , this is great #hive will rock
Didn't they already have this partnership when they launched their MOONs and BRICKs tokens?
This is huge!
Though the technology, drama, latency and expense will likely get old fast. Hopefully Hive is still accepting partnerships when it is time for a real launch.
The reason Hive doesn't get attention from big is the market cap. They don't want to connect with something it "worthless".
Because their way to think is " Invest in something that's already big, its less likely to fail".
And I think this will place a standard for the next years. If ETH will try to be Hive ( funny, if you think about it) and it's less successful it means nothing because it will have at that point a user base.
The only way is to copy a Reddit ( open source) style platform and make onboarding so fucking easy and user friendly, people can join in minutes and get their keys automatically in Keychain.
Then teach them over time with an email newsletter what hive is.
well at least this will make more people familiar with the cryptosphere. Could we do some advertising on reddit? :D
Unless you are paying for advertising it is very hard to promote directly on Reddit without getting shadow banned. For advertising you are basically trying to tell them to leave their community and come to ours. They tend to be very territorial.
There are ways, but it is a slow process.
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yeah, that's true!
Btw, I just stumbled upon https://www.minds.com/ and it advertises itself as a web 3 social media platform. There are a lot of caveats as far as I can tell (e.g., they use Ethereum and are on amazon web services which are both reasons for long term failure). But if they are not lying about their monthly active users which they claim to be over 200k then they have something going that we don't here on hive. One reason I can immediately make out is that their UI/UX is good. They also have groups, newsfeeds, a wallet etc.
Maybe we can learn something from them? I am surprised that I haven't heard a discussion about them here, especially since they have been active since 2015
I have heard them mentioned a few times, some of the spammers have left here to go there. I haven't looked into it much but 200K active users is amazing.
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Whoa! A community and cryptocurrency, working as one? Who could have possibly though of that concept before?!
this is huge for ETH :)
Sadly, despite Hive already having the technology to scale, we are on the radar of almost no one right now. It's not that Hive is bad, but without the ability to create custom tokens and lack of smart contract capability, Hive isn't a very functional blockchain for widespread commercial use of this scale. One of Ethereum's strengths is its smart contract capability and I have grown to love Solidity as a language (I hated it at first).
If Hive can create a smart contracts layer and preferably allow you to write contracts using Javascript/TypeScript, I think that could attract a lot of interest from developers. I know not everyone is a fan of Solidity, but a lot of developers know Javascript and numerous Hive-based apps are Node.js applications.
I hope this helps with the Ethereum problem of fees with the influx of funds maybe (??)
let's see how this "partnership" affects those in the eth blockchain
Kind of depressing, that Steem/Hive has not managed to tap into this potential despite a time advantage over 5 YEARS compared to ETH.
Wow, that is pretty crazy. I wonder how they are going to manage the gas fees with the transactions. I mean, I know ETH 2.0 and all of that, but still. I agree with you, it seems like it would have been smarter to choose something like Hive, but I guess this is the case where they are choosing to go with the devil they know.
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It sounds cool but like you say hive is already here and it works extremely well. I get Ethereum is one of the big players but I don’t see why people build on it in its current state with the high fees.
Everyday people can’t afford to do daily transactions on Ethereum, but I used this blockchain everyday.
I really do think we’re headed into a situation of blockchain classes were Ethereum and bitcoin might be the luxury blockchains and all things like hive and bch that people can actually use will be economy chains.
We’ll see though!
Anyways, it’s a win for adoption!