Reddit Seeks to Scale Ethereum for Its Community Points
- The company has already launched the Community Points for two subreddits.
Home to many cryptocurrency forums, Reddit is now looking to scale Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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 Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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.