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Reddit Reaches Out To Ethereum Gurus to Tokenize 430 Million-Strong Community – Blockchain News, Opinion and Jobs

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vitalik, reddit, ethereum, cryptocurrency, tokenomics, crypto-econonomics, ETH

American social news aggregation, web content rating, and discussion website Reddit has teamed up with the crew from Ethereum to help with their new crypto-powered rewards system. Here is an overview of how Community Points work today and some stats on how it’s used.

From Reddit:

“In conjunction with the Ethereum Foundation, Reddit is inviting Ethereum scaling projects to show the community how your scaling solution can be used to bring Community Points to mainnet. Our goal is to find a solution that will support hundreds of thousands of Community Points users on mainnet today and can eventually scale to all of Reddit (430 million monthly users).”

The Reddit team evaluated some of the most promising scaling solutions and shared some of their thoughts:

  1. There are plenty of awesome projects that we don’t know about yet. We seem to learn about a promising new scaling solution every day.
  2. Most existing scaling solutions focus on the exchange use case, which favours 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. Community Points distributions have cost an order of magnitude more gas than all other operations combined, primarily due to on-chain storage costs associated with onboarding new users.
  3. It’s unclear how to determine the best solution. There is a lot of code, a lot of documentation, and a lot of hype out there. But there are very few objective real-world reviews or comparisons of various products/implementations.
  4. We need the Ethereum community’s help to figure this out.

Points Distribution & Claims

Token supply is controlled by distribution rounds managed in the Distributions contract and triggered by Reddit. For each round (occurring ~monthly), Reddit submits a proposal for points distribution to a subreddit for approval. Once approved, Reddit issues signed claims for individual users according to the agreed-upon points distribution. These claims can be redeemed on-chain. Claims are obtained from Reddit and submitted to the Distributions contract, which validates the claim and calls the Subreddit Points contract to mint points.

reddit, community, cryptocurrency, blockchain

Demos should include:

  1. A live proof of concept showing hundreds of thousands of transactions
  2. Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point
  3. Documentation
    • How it works & scales
    • Cost estimates (on-chain and off-chain)
    • How to run it
    • Architecture
    • APIs (on-chain & off)
    • Known issues or tradeoffs
  4. Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).

 



Also published on Medium.

Reddit Reaches Out To Ethereum Gurus to Tokenize 430 Million-Strong Community
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Reddit Reaches Out To Ethereum Gurus to Tokenize 430 Million-Strong Community – Blockchain News, Opinion and Jobs 1

In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ‘The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an
Honorary Ph.D. and is Chair Professor of Blockchain at China’s first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission’s SME Instrument programme as a startup assessor and as a startup judge for the UK government’s Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.





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