Reddit: With Ethereum transaction fees already relatively high, the addition of hundreds of thousands of new users isn’t a good idea
As AZCoin News reported, Reddit officially rolled out the trials for its Ethereum-based Community Points for two subreddits, but so far, the project is still in beta. In it, Reddit is using an Ethereum sidechain called Rinkeby to handle the tokens presumably to iron out kinks in the system. However, the social media giant by hoping to launch tokens on the main Blockchain soon after this summer.
Reddit tries to promote Ethereum scaling solutions
The efforts culminated in a concept called “Community Points,” which allow users to earn ERC-20 tokens to get exclusive access to certain things in forums called “subreddits.”
Even so, while the Ethereum transaction fee is relatively high without Reddit’s Community Points, adding hundreds of thousands of new users to the chain may not be a good idea. The two variants of Community Points – r/Cryptocurrency’s “moons” and r/Fortnite’s “bricks” – have thus far seen limited adoption. A crypto commentator noted that on the Rinkeby testnet, there are only a few thousand adopters of moons and under 20,000 adopters of bricks.
However, Reddit is concerned that once it continues to roll out Community Points, the Ethereum network will become tense and congested.
On the r/Cryptocurrency forum alone, there are over one million subscribers. All of those subscribers using Ethereum each day would bring the Blockchain to a standstill. Therefore, the company and the Ethereum Foundation announced that they are looking for a replication solution.
It is known that this solution should be able to ease the implementation of Community Points, which will eventually be activated for Reddit’s 430 million monthly active users. Furthermore, the solution will need to simulate 100,000 users taking advantage of Community Points through Ethereum.
Reddit is hosting an Ethereum scalability competition
“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).”
Everything on ETH
— Ryan Sean Adams – rsa.eth 🏴 (@RyanSAdams) June 18, 2020
Over five days, your scaling PoC should be able to handle:
- 100,000 point claims (minting & distributing points)
- 25,000 subscriptions
- 75,000 one-off points burning
- 100,000 transfers
Such a system will move a series of transactions out of Ethereum while allowing users to maintain sovereignty over their tokens. This will make them cheap, fast, and easy to use for Reddit users.
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