Ethereum: Reddit invites developers to submit scaling proposal - Cryptonic News

Ethereum: Reddit invites developers to submit scaling proposal

  • The social network Reddit has invited developers worldwide to submit scaling proposals for Ethereum.
  • The goal is to find a simple solution to distribute the community project’s new ERC20 tokens over the Mainnet.

As Crypto News Flash already reported, Reddit introduced a new loyalty point system within the social network in mid-May, which will distribute so-called community points for the creation of high-quality content on the platform. The project has initially been launched as a beta version and is being tested in the two subreddits “/r/Cryptocurrency” and “/r/FortniteBR”.

The Community Points can be used for badges, individual GIFs and some other exclusive functions, but according to Reddit this scope is to be expanded. During the beta phase two new ERC20 tokens $MOONS and $BRICKS will be used, which will be launched on the Ethereum blockchain.

In order to be able to distribute the Community Points to the more than 430 million monthly users of the network on a regular basis without delay, Reddit is working with the Ethereum Foundation to find a suitable scaling solution. In a new announcement, Reddit has invited all developers to submit their proposals:

In conjunction with the Ethereum Foundation, Reddit is inviting Ethereum scaling projects to show the community how your scaling solution can be used to bring Community Points to mainnet. Our goal is to find a solution that will support hundreds of thousands of Community Points users on mainnet today, and can eventually scale to all of Reddit (430 million monthly users).

Strong growth in the beta phase

During the beta phase, the new features have been used by approximately 17,500 users and have processed more than 20,000 transactions in the last month. Due to the high demand and rapid growth of the platform, it seems all the more important to find an effective solution in a timely manner so that the project can move on to the next phase. The distribution of Community Points costs more gas than all other Reddit operations combined:

Community Points distributions have cost an order of magnitude more gas than all other operations combined, primarily due to on-chain storage costs associated with onboarding new users.

Due to the enormous gas consumption, developers are expected to submit their proposals by 31 July 2020. The scaling proposals must simulate the distribution of community points for 100,000 users, only if this requirement is met will the project be able to continue. Reddit prefers scaling solutions that are not tied to a specific provider:

We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components, but recognize there are numerous trade-offs to consider.

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Ethereum: Reddit invites developers to submit scaling proposal Ethereum: Reddit invites developers to submit scaling proposal Reviewed by Staff Reporter on June 19, 2020 Rating: 5

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