Reddit could be the first major social network on blockchain
Reddit could be the first major social network on blockchain
Blockchain

Reddit could be the first major social network on blockchain

By Marco Cavicchioli - 9 Jul 2020

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The relationship between Reddit and the blockchain seems to be getting ever closer. 

After launching its tokens on Ethereum (the so-called Community Points), Reddit is now announcing another initiative that links the social network born in 2005 to blockchain. 

The initiative was launched by LiquidApps, a company operating with blockchain technology, which announced a reward in tokens for those who will help the DAPP network to participate in the Reddit Scaling Bake-Off. 

The Great Reddit Scaling Bake-Off is an initiative of the Ethereum subreddit, in collaboration with the Ethereum Foundation, thanks to which Reddit is inviting the scalability projects of the Ethereum network to show the community how to use the scaling solutions to bring Community Points on the mainnet.

The problem to solve is how to quickly and economically manage tokens that could be distributed to the 430 million monthly Reddit users, starting from a few hundred thousand. 

LiquidApps proposes the DAPP network as a possible solution, in particular thanks to the LiquidLink update. 

To promote its candidacy, LiquidApps is offering one million DAPP tokens for individuals or teams who can demonstrate that the DAPP network scaling middleware can work successfully on Ethereum.

To date, 1 DAPP is worth about $0.013, so one million DAPP is more than $13,000. 

However, LiquidApps on its official blog post also states: 

“When it comes to specific use-cases where blockchain could add tremendous value, social media immediately comes to mind. Reddit is leading the way forward for established social media platforms looking to decentralize, having recently announced the Great Reddit Scaling Bake-Off to scale their existing community points program on Ethereum. In successfully doing so, Reddit could become the first company with hundreds of millions of users to successfully migrate to blockchain”.

In other words, according to LiquidApps, Reddit’s initiative would not be limited to marginal management of token distribution but would support a deeper strategy to increase decentralization

This is actually only a hypothesis for now, but should Reddit’s Community Points really be successful on the Ethereum blockchain, despite the 430 million users, it would hardly be only a marginal initiative

On the contrary, it could become one of the leading features of the social network, and since centralization is to all intents and purposes one of the main problems that these platforms have to deal with nowadays, a possible success of the Community Points on Ethereum could push the company that owns Reddit to seriously consider the blockchain as a solution also for other problems

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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