Reddit is planning to roll out its Ethereum-powered community points token on all of its subreddits, making it available to 430 million monthly users. But to make it happen, the team at Reddit needs a scaling solution that supports a massive number of transactions per second.
Last month, the social media giant launched the ERC20 tokens MOON and BRICK for members of the subreddits r/Cryptocurrency and r/FortniteBR, respectively.
Redditors who create popular posts and comments can earn the tokens as a reward.
Now, in order to achieve the level of scale necessary to power the rewards system for all of its users, Reddit is working with the Ethereum Foundation to review potential solutions to the scaling bottleneck.
“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 inviting Ethereum scaling projects to show the community how your scaling solution can be used to bring Community Points to mainnet…
While we don’t expect any novel scaling projects, we hope that you, the Ethereum scaling expert, can show us how to scale community points.”
The deadline for submissions is fast approaching, and all demos must be submitted by July 31st.Check Latest News Headlines Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate...