Victor Ugochukwu · Oct 22, 2020 . 5min read
Matic Submits Proposal for Reddit Scaling Contest
Matic sidechain processed 3 million transactions over 12 hours with a total gas fee of $3.52 as part of the Great Reddit Scaling Bake-Off PoC.
By Victor Ugochukwu · Jul 31, 2020 . 6min read
One of the most talked-about Layer 2 solutions, Matic has submitted its proposal for the Great Reddit Scaling Bake-Off announced by the social media platform in June.
Matic made this known via its submission on Ethereum subreddit detailing its proposal and why its solutions towers above any other existing solution.
Reddit earlier announced a partnership with the Ethereum Foundation to find a Layer 2 (L2) scaling technique for its 430 million monthly active users. This solution should help with smooth Community Points migration to mainnet. Reddit users earn Community points by garnering “upvotes” on posts. They can use them to purchase specialized GIFs or emojis.
Matic proposal features a proof of concept where Matic sidechain processed 3 million transactions over 12 hours with a total gas fee of $3.52 as part of the Great Reddit Scaling Bake-Off PoC.
It went out to detail what Reddit needs for its Community Points mainnet objective to proceed smoothly. These are:
- Security via Plasma predicates on Ethereum: Reliable exits to Ethereum (Proof-of-Stake based decentralized multi-operator Plasma construction which mitigates mass exit occurrence)
- Composability (EVM Support),
- Extremely high scalability with each sidechain (multiple sidechains in future, hence suitable for the scale of Reddit)
- Ability to add custom smart contract features (via Ethereum Plasma predicates) for future product innovation
Subsequently, the proposal went forward to explaining why Matic is the best solution out there to meet these needs.
Why is Community Point Scaling important?
To begin with, Reddit is a centralized social media platform which hosts several communities. Reddit christens these communities as subreddits. With Community Points on Ethereum mainnet, each of these subreddits will be able to create their own customized Points. Subsequently, they decide how it will be used. This will bring some element of decentralization on Reddit. Also, it will as well give these communities the leverage to determine how these points are deployed. Asides from the decentralized features it brings to Reddit, more engagement is anticipated. This is because these points further help to incentivize interactions on the platform.
Surprisingly, both Ethereum and Reddit are not willing to reward any of the successful proposals they select. However, MakerDAO, the leading DeFi protocol, sees this as an opportunity. It decided to award the winning proposal with a reward of $25,000 in Dai, its decentralized stablecoin. MakerDAO hinges its decision on the fact that if Ethereum can crack its scaling problem which keeps popping up every time the network faces congestion, it thinks also DeFi wins.
Komal Joshi · Oct 22, 2020 . 5min read