Reddit Seeks to Scale Ethereum for Its Community Points

Friday, 19/06/2020 | 06:56 GMT by Arnab Shome
  • The company has already launched the Community Points for two subreddits.
Reddit Seeks to Scale Ethereum for Its Community Points
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Home to many cryptocurrency forums, Reddit is now looking to scale Ethereum Blockchain as the platform is embracing decentralization for its core services.

This came ahead of the full-scale launch of Reddit’s community points services, enabling its users to collect points for their quality contribution to the subreddits. The platform already deployed the new services in two subreddits - r/Cryptocurrecny and r/FortniteBR - to check the services.

Over 17,500 users in the two communities have made a total of more than 20,000 transactions in a month with Ethereum-based $MOON and $BRICK tokens.

Announced on Thursday, the content aggregator has partnered with the Ethereum Foundation and is asking developers to submit their suggestions in scaling the ERC-20 token standards.

“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),” the official announcement stated.

Scaling of blockchain is stopping them from mainstream use

Though Etehreum has massive potential, its scaling issues are restricting many mainstream platforms to use the blockchain as high traffic might break the services. Ethreum can now handle 15 transactions per second, but the developers are working on Ethereum 2.0 which will utilize Proof-of-Stake (PoS) and sharding to scale.

“It's unclear how to determine the best solution. There is a lot of code, a lot of documentation, and a lot of hype out there. But there are very few objective real-world reviews or comparisons of various products/implementations," the post added. "We need the Ethereum community's help to figure this out.”

“Most existing scaling solutions focus on the exchange use case, which favors optimizing for transfers. Many of these designs don't take into consideration the costs of obtaining tokens or entering the scaling system, which can be significant.”

Reddit is seeking proposals from the developers and demos on the Community page by July 31.

“This is your chance to earn some fame but, to be clear, there is no prize if your solution is chosen or modified to meet Reddit’s needs. Our lawyer made us write this,” Reddit clarified.

Home to many cryptocurrency forums, Reddit is now looking to scale Ethereum Blockchain as the platform is embracing decentralization for its core services.

This came ahead of the full-scale launch of Reddit’s community points services, enabling its users to collect points for their quality contribution to the subreddits. The platform already deployed the new services in two subreddits - r/Cryptocurrecny and r/FortniteBR - to check the services.

Over 17,500 users in the two communities have made a total of more than 20,000 transactions in a month with Ethereum-based $MOON and $BRICK tokens.

Announced on Thursday, the content aggregator has partnered with the Ethereum Foundation and is asking developers to submit their suggestions in scaling the ERC-20 token standards.

“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),” the official announcement stated.

Scaling of blockchain is stopping them from mainstream use

Though Etehreum has massive potential, its scaling issues are restricting many mainstream platforms to use the blockchain as high traffic might break the services. Ethreum can now handle 15 transactions per second, but the developers are working on Ethereum 2.0 which will utilize Proof-of-Stake (PoS) and sharding to scale.

“It's unclear how to determine the best solution. There is a lot of code, a lot of documentation, and a lot of hype out there. But there are very few objective real-world reviews or comparisons of various products/implementations," the post added. "We need the Ethereum community's help to figure this out.”

“Most existing scaling solutions focus on the exchange use case, which favors optimizing for transfers. Many of these designs don't take into consideration the costs of obtaining tokens or entering the scaling system, which can be significant.”

Reddit is seeking proposals from the developers and demos on the Community page by July 31.

“This is your chance to earn some fame but, to be clear, there is no prize if your solution is chosen or modified to meet Reddit’s needs. Our lawyer made us write this,” Reddit clarified.

About the Author: Arnab Shome
Arnab Shome
  • 6370 Articles
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6370 Articles
  • 80 Followers

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