In May, Reddit announced its Ethereum-based cryptocurrency called Community Points, to reward users for their content. Given the success of the project and the 430 million monthly active users that the platform has, Reddit has now decided to partner with Vitalik Buterin to increase the scalability of the system.
The association announced a couple of days, anticipates that the Ethereum Foundation will help Reddit find a layer 2 solution, as also explained by the Executive Director Ayako Miyaguchi.
In fact, Community Points, which are ERC20 tokens, replace the platform's traditional "positive vote," which is used to vote for valuable content.
One of the problems with such a large and used system is that the gas would cost too much to carry out the transactions. The publication, in fact, states:
“Most of the existing scaling solutions are focused on the use case of exchange, which favors optimization for transfers. Many of these designs do not take into account the costs of obtaining tokens or entering the escalation system, which can be significant. The Community Points distributions have cost an order of magnitude more gas than all other operations combined, mainly due to the storage costs in the chain associated with the incorporation of new users ”.
In addition, in the article, Reddit also requests the help of fans, who will have until July 31, 2020 to send their solutions in demo format. The system must also be decentralized.
Within 5 days, as requested by Reddit, the protocol should be able to manage:
- 100,000 point claims (minting and distribution points)
- 25,000 subscriptions
- 75,000 unique points burned
- 100,000 transfers
In general, these are significant numbers. The Reddit idea is certainly interesting and has already been installed in the social networking community.
In fact, from launch to date, over a period of 1 month, Reddit explains that Community Points have been used by 17,500 users, with 20 thousand transfers.