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Almost two dozen crypto projects are vying to help scale Reddit’s ambitious Ethereum-based rewards system. Which one will win out?
Reddit sees cryptocurrency as a key part of its future growth and evolution, as the popular discussion community believes token rewards will encourage “quality” posts and comments.
Here’s the thing, though: with some 430 million monthly users across its many, many different boards, Reddit is absolutely immense. And when the company first debuted its Ethereum-based “Community Points” crypto rewards in May, it picked just two communities to start with or less than 1% of its active user base.
To potentially reach the vast majority of other users, Reddit—in conjunction with The Ethereum Foundation—turned to its Ethereum community and its 474,000+ subscribers to solicit detailed pitches on how to potentially scale up its crypto project in a resource-efficient manner.
“The Great Reddit Scaling Bake-Off” launched in mid-June and concluded its submission window on Friday, and while any chosen solution brings only fame and exposure to the creator (not money), the competition still saw 22 comprehensive pitches, including from some noted projects in the crypto space.
Here’s a look at a few of the key proposals:
Matic Network: Matic’s layer-2 solution proof-of-concept handled a purported 3 million transactions in a day at a cost of just $3.52 in fees. As one top-voted comment noted, ”I did a single transaction on Ethereum a few days ago that cost $10. Matic looking good.”
OMG Network: This highly-upvoted proposal comes with a working Google Chrome browser extension and zero fees, although it didn’t handle nearly as many transactions in its current state. “The time for experimentation and theoretical design is over; it’s time for production-ready software to take center stage,” reads OMG’s post.
Solana: Solana has the highest-upvoted proposal as of this writing (OMG’s not far behind), with a working proposal that’s running on its own blockchain. “It’s cheap and fast as hell,” reads the post—although not as cheap as Matic, given Solana’s $10 in fees per $1 million transactions.