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Reddit And Ethereum Team Up To Scale Token Usage To 430M Users

Ethereum Block Rewards Reduced By 25% Post Muir Glacier

The Ethereum Foundation and Reddit, a popular social platform, has made a new partnership. This partnership was developed in order to help Reddit’s crypto-powered rewards system to scale. As such, the social platform has asked the crypto community to start submitting and vetting various proposals.

Seeking Help To Scale Properly

As Reddit continued ahead with its “Community Points” reward system, powered by Ethereum, it had quickly started announcing that it needed developers. These developers will help the budding social platform to scale up its rewards system to the point that it’s possible to be used by the 430 million monthly users of Reddit.

On the 19th of June, 2020, Reddit made it public that it had made a partnership with the Ethereum Foundation, in order to call for the projects needed to make the Ethereum scaling solutions.

reddit

A New Problem Requires New Solutions

Reddit explained that the goal of this partnership is to enable a solution within its social platform that will allow for the support of hundreds of thousands of Community Points users Reddit currently has. The plan for the future is being able to scale up to all of Reddit, which sees a monthly user base of 430 million. Reddit stated that it would start accepting applications from interested developed up until the 31st of July, 2020.

The announcement of Reddit emphasized that there was a range of new, unique requirements when it comes to its Community Points solution. It noted that there was an array of scaling solutions on Ethereum as is, but that these solutions were transaction-optimized, and primarily aimed at things like crypto exchanges.

Gas Prices Are Just Too Much

Reddit explained that the large portion of these existing solutions did not take into consideration the cost of obtaining these tokens, nor did they consider the costs regarding entering the scaling system. The social platform explained that distributions of Community Points have cost more gas to the platform than all other operations combined. The primary reason for this is due to the storage costs regarding the onboarding process of new users.

Reddit stressed the fact that it’s as of yet unclear as to how the best solution must be determined. It noted the significant hype regarding the use-cases that are comparable to Reddit’s point systems, but even so, Reddit sees no definitive solution. They note that these use cases have very few objectives, real-world reviews, nor do they have comparisons available to them in regard to various implementations and products.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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