Crypto Tech

Reddit Calls For Pitch to Expand Crypto Rewards System

The renowned American social news aggregation and content website REDDIT is calling for proposals to scale their Ethereum-based rewards system.

Seeing cryptocurrency as an integral innovation of today, the company has launched the campaign to incentivize readers in their “quality” posts and comments.

Last May, it first debuted the Ethereum-based “Community Points” crypto rewards, but was only able to pick two communities to start with, or less than 1% of its active user base.

Enlarging these numbers and eventually fanning the news, Reddit teamed up with The Ethereum Foundation; with the latter’s community reaching up to 474,000+ subscribers, it has announced an unsolicited pitched to make the project exciting and execute resource-efficient manner.

The campaign was called The Great Reddit Scaling Bake Off in June and ended last July.

After various evaluation processes, a total of 22 pitches, including notable projects in the crypto space.

Per the report, here are a few of the detailed proposal:

Matic Network proposed a layer-2 solution proof-of-concept handled a purported 3 million transactions in a day at the cost of just $3.52 in fees

Meanwhile, OMG Network gave an idea that comes with a working Google Chrome browser extension and zero fees, despite not having as nearly as many transactions in its current state. With its ending copy, it said: “The time for experimentation and theoretical design is over; it’s time for production-ready software to take center stage,”

Another one, Solana, which has the highest-upvoted proposal as of this writing (OMG’s not far behind). They came up running and concluded in their copy: “It’s cheap and fast as hell, although not as cheap as Matic, given Solana’s $10 in fees per $1 million transactions.

Last is SKALE’s pitch, which promises to Reddit users zero fees and would see Reddit creating its blockchain on the SKALE network. Pricing is dependent on capacity and utilization.

The final date of the results will be announced soon, but Reddit hopes that it would fuel the growth of Community Points and gear towards fully embracing crypto.

Leave a Comment

Leave a Reply