A team of devs used LiquidApps to find a solution to scale Ethereum to respond to Reddit’s challenge.
Summary
Reddit uses Ethereum to reward users
In mid-May, Reddit announced its Community Coins as tokens to reward its users, which currently amount to around 430 million.
However, with such high numbers, Reddit had a problem in using Ethereum, given the increasingly high fees of this blockchain.
So, the Reddit team had published an announcement asking for the community’s help to get suggestions on how to scale Ethereum.
The Reddit Community Coins are none other than ERC20 tokens that the social network will distribute to its users according to their contribution in the various subreddits. The number of tokens to be allocated will be decided by the users of the platform themselves.
The interesting thing is that these tokens will not be fixed on Reddit but they can also be transferred on other users’ wallets, or on any wallet that supports Ethereum tokens.
It is not yet clear if the tokens will also be listed on exchanges.
In any case, Reddit could be the first traditional social network to use cryptocurrencies, after the almost failed attempt – at least for the moment – by Libra, which in any case would not be an actual crypto but a digital currency.
Worth noting also that Reddit is not creating its own blockchain but is relying on Ethereum, hence the project is rather decentralized.
The LiquidApps solution to Reddit’s challenge
Using LiquidApps, these devs also addressed this request for help and offered its tool called LiquidLink, a dApp network for cross-chain communication that can link Ethereum with layer solutions.
In fact, LiquidLink connects the mainnet with other chains, to build a multichain and thus move transactions outside of Ethereum, resulting in faster and cheaper transactions.
Among the other proposals, there are no other systems that take advantage of the blockchain, so LiquidApps may have offered Reddit the most valid solution.
