Reddit announced on r / Ethereum subreddit on Thursday, Reddit announced collaboration with Ethereum Foundation to find a Layer Resizing Technique (L2) for 430 million website users. Community points are obtained by collecting “updates” in posts and can be used to purchase special GIFs or emojis.
Following the CoinDesk response request, Ethereum CEO Aiko Miyaguchi tweeted:
· June 18, 2020
For builders Ethum. Calling 🧠💡💪🏽 https://twitter.com/ethereum/status/1273682275348017152…
We are always excited about the real-world adoption of Ethereum’s technology, and it’s great to see leading teams like @reddit connect directly with builders in the #Ethereum ecosystem. We look forward to staying involved and seeing what comes up in the project
Ethereum, which is the blockchain barrier to distributed applications, has been tracking various resizing techniques since Mainnet’s launch in 2015.
The scale discussion was split into two parts: current work on the Ethereum Proof of Work (PoW) blockchain called Eth 1.x and the future Eth 2.0 update, which guarantees a “limitless” scale using two technologies known as Proof of-Stake. (PoS) and itching. Eth 2.0, sometimes referred to as Serenity, remains a highly technical project with no rigid timeline, though an initial phase is expected to be tentative for the rest of the year.
In contrast, Ethereum’s Devcon 5 in Osaka, Japan, in October 2019, introduced ready-made options for L2 products like ZK-Rollups and Optimized Rollups from a plasma coding group, now operating under the name Optimism. For example, a distributed stock exchange IDEX is currently trading its own version of the product.
Read more: Ethereum’s top DEX reboots with new size features
However, Reddit is looking for a product that is focused on social media. As the post points out, most L2 solutions are focused on exchanges, requiring fast transaction times that most block warehouses cannot handle.
“Many of these designs do not take into account the costs of receiving a token or entering the size system, which can be significant,” the post said. “Community point divisions are of a larger order of magnitude in gas than all other operations combined, mainly because of network storage costs associated with raising new users.”
Applicants are requested to submit proof of proof by July 31 with reviews completed by September. Unfortunately for these Reddit developers, the only reward is the infamous one.
“This is your chance to win some fame, but to be clear, there is no reward if your solution is chosen or changed to fit Reddit’s needs. Our lawyer made us write this,” the post said.