Cryptocurrency news

Reddit Announces Partnership with Ethereum Foundation

Reddit Announces Partnership with Ethereum Foundation

Now the social media site is looking for a scaling solution.Giving information on the subject in the r / Ethereum subdirectory published on Thursday, Reddit announced a partnership with the Ethereum Foundation to find Layer 2 (L2) scaling technique for 430 million users of the site.

Community Points are earned by adding “upvotes” to posts and can be used to purchase special GIFs or emoji

Ethereum, a blockchain for decentralized applications, has been following various scaling techniques since its home network was launched in 2015.

The scaling debate is divided into two parts.

One of them promises “unlimited” scaling through Ethereum’s Proof of Work-based (PoW) blockchain, Eth 1.x and the future Eth 2.0 update, through two technologies called Proof-of-Stake (PoS) and sharding. Eth 2.0, sometimes called Serenity, continues to be a highly technical project without an exact timeline, although the initial phase is planned temporarily later this year.

Second, Ethereum’s Devcon 5, located in Osaka, Japan in October 2019 , demonstrated product-ready L2 options such as ZK-Rollups and Optimistic Rollups from the Plasma coding group now operating under the name Optimism. For example, decentralized exchange IDEX is currently traded in its product variant.

However, Reddit is looking for a product focused on social media. According to the post, most L2 solutions are focused on exchanges that require fast processing times that most blockchains cannot handle. The post says, “Many of these designs do not take into account the costs of getting tokens or scaling systems that may be important. Community Points distributions have more gas size than any other transaction, primarily due to in-chain storage costs associated with new users. ”

The applicants are asked to submit the proof of concept until July 31 and the results of their reviews until September. The only disadvantage here is that there is no reward. Of course, you have a chance to win a reputation here, but no reward is given if your solution is chosen or changed to meet Reddit’s needs.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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