14.8 C
17 September 2021
Image default

Ethereum News Today – Headlines for June 19

  • Reddit partners with the Ethereum network
  • Reddit asks Ether community to help scale coins for 430 million users
  • The goal is to explore scaling solutions for its crypto-based rewards model

Ethereum News Today – social media content platform, Reddit, continues to push its Ether-powered ‘Community Points’ reward model forward, after announcing that it is looking for developers to assist in scaling the tokens for use by its 430 million users. Today, June 19, Reddit announced that it has partnered with the Ethereum Foundation. The goal of the collaboration is to call on projects building Ethereum scaling solutions. Reddit posted:

The goal is to discover a solution that will offset hundreds of thousands of Community Point users on mainnet today. We expect to scale our 430 million users.”

Reddit also announced that it will be accepting applications from all interested developers until July 31.

The Gas Cost factor

The announcement by Reddit emphasizes that there are several unique requirements. It also reminds users that many of the existing Ethereum scaling solutions are designed to function on exchanges. These scaling solutions are also optimized for transactions. According to Reddit:

Most of these designs do not consider the costs of getting tokens or joining a scaling system. The distribution of Community Points has cost us more when it comes to gas than our other operations combined because of the on-chain storage costs for onboarding new users.”

Reddit adds that it is unsure regarding how to decide which solution would be best, noting that despite the hype surrounding use-cases, there are only a few objective real-world comparisons or reviews for various products/implementations. The vetting of proposals in the community encouraged

Reddit invites (all scaling experts in Ethereum) to submit scaling demos under its announcement (the comments section). Reddit said the demos must simulate Community Points usage for more than 100,000 users at least.

Reddit Has Called on Scaling Experts to Offer Comments on Community Submitted Proposals

Additionally, the Reddit platform requests that all scaling experts offer commentary on the proposals submitted by other members of the community. They must do this to understand the trade-offs that come from various solutions better. Demos must include a live proof of concept that will show hundreds of thousands of transactions. It must also show the source code and breakdown of cost estimates in detail. Also, it must show APIs, and how to manage the proposed scaling framework.

In the next five days, proposals should have the capacity to handle 25,000 subscriptions, 100,000 point claims, 100,000 transfers, and 75,000 one-off point burns. In May this year, Reddit announced its plans to migrate its points model from the Rinkeby testnet to the Ethereum mainnet before year-end.

News Source

Related posts

Bitcoin Price Near $3,400, Wider Crypto Markets See Another Mild Slump


Cardano (ADA) Skyrockets As Ethereum Gas Fees Shoot to New Highs


Ethereum’s Vitalik Buterin’s call to fork Maker, does it make sense?


Leave a Comment