Reddit is watching for the large demand for its Ethereum-based “Community Points” device solely one month after rolling out the product.
Now the social media website is looking for a scaling solution.
Posted in the r/Ethereum subreddit Thursday, Reddit announced a partnership with the Ethereum Foundation to locate a Layer 2 (L2) scaling method for the site’s 430 million users. Community Points are earned by way of garnering “upvotes” on posts and can be used to buy specialized GIFs or emojis.
A blockchain for decentralized applications, Ethereum has been eyeing quite a number scaling strategies for the reason that its predominant internet launch in 2015.
The scaling debate has been siloed into two parts: Current work on Ethereum’s Proof-of-Work (PoW) blockchain referred to as Eth 1.x and the future Eth two update, which guarantees “unbounded” scaling via two applied sciences called Proof-of-Stake (PoS) and sharding. Eth 2.0, on occasion referred to as Serenity, remains an especially technical challenge with no association timeline, even though a preliminary phase is tentatively slated for later this year.
Conversely, Ethereum’s Devcon 5 in Osaka, Japan, in October 2019, exhibited product-ready L2 picks such as ZK-Rollups and Optimistic Rollups from the Plasma coding group, now running underneath the name Optimism. For example, decentralized exchange IDEX presently trades on its variant of the product.
However, Reddit is searching for a product that is targeted on social media. As the put up notes, most L2 options have targeted on exchanges, which require fast transaction instances that most blockchains can't handle.
“Many of these designs don’t take into consideration the costs of acquiring tokens or getting into the scaling system, which can be significant,” the put up states. “Community Points distributions have valued an order of magnitude more fuel than all other operations combined, specifically due to on-chain storage expenses associated with onboarding new users.”
Applicants are requested to post proofs-of-concept via July 31 with reviews concluded by way of September. Unfortunately for these Reddit developers, the sole reward is notoriety.
“This is your hazard to earn some reputation but, to be clear, there is no prize if your answer is chosen or modified to meet Reddit’s needs. Our legal professional made us write this,” the submission states.