submitted by /u/dmihal
Last week, Reddit launched Community Points, a set of Ethereum ERC-20 tokens for the /r/CryptoCurrency and /r/FortniteBR subreddits. And in that week, Moon tokens have been transferred over 3000 times!
Reddit is currently covering all transaction fees for these transfers. The tokens are currently deployed on a testnet, so the fees don’t cost actual money.
However, if they were using the Ethereum mainnet (as Reddit plans to do later this year), then Reddit would have spent approximately ~$3542+ in fees! And that’s just for the first week with relatively minimal use by reddit standards!
Thankfully, we have a solution that would bring that cost down to only ~$60 (almost 60x cheaper)!
Today we’re releasing a demo of Reddit Cash, a Burner Wallet powered using Fuel’s optimistic rollup for an easy and truly scalable use of Reddit Community Points.
This demo lets you:
Note that this is only a demonstration wallet, not a fully-fledged service—now is not the time for production release, that comes later.
Fuel is an optimistic rollup: a trustless, permissionless sidechain that is secured by the main Ethereum network. Anyone, anywhere, at any time, can move tokens in and out of the Fuel chain, transfer them, and more. The maximum transaction throughput of Fuel is currently around 350tps (~20x Ethereum’s at 15 tps) but will increase to ~500tps in Fuel v1.0 (contract release for Q2). Transactions are faster, cheaper, and still fully decentralized.
Fuel Labs is the world leader in trustless and permissionless blockchain scaling. Our team has pioneered the design of optimistic rollups, which enable dynamic heterogeneous sharding on Ethereum today for massive scalability without sacrificing decentralization.
The Fuel rollup chain is specifically optimized to maximize transaction throughput without proportionally increasing the cost of running a full node. It is the most scalable optimistic rollup chain in the world, and is designed to enable the original use case of blockchains: unstoppable digital payments.
Dave goes through the Reddit Cash experience:https://www.youtube.com/watch?v=a3zihb-Z0Fo
Using the Reddit Cash Demo
1. Open the wallet at reddit.burnerfactory.com
2. Visit the Deposit page and copy the deposit address Scroll down and select “Deposit”, than follow the instructions (i.e. copy the address into the reddit vault and send the amount you want)
3. Open the Reddit mobile app and navigate to the Vault section, and send some tokens (Moon or Brick) to the deposit address provided.
4. Once the deposit completes (should take around 30 seconds), your tokens will be live on the Fuel chain!
You can transfer them to other users...
4. ...or swap for other Reddit tokens using the Exchange feature!
Thank you for trying out the Fuel-Reddit demo!
For The Reddit Developers
Fuel Labs is extremely excited that Reddit is building on Ethereum. As a completely open-source, public goods project, we are committed to helping initiatives like Community Points scale to mass adoption.
We think Fuel is the perfect solution to grow Community Points while still remaining permissionless and decentralized.
Disclaimer: Fuel Labs Inc. and Burner Wallet have no formal affiliation with Reddit or Reddit Inc. and do not in any way represent Reddit or any of its brands, products or services. The post above is for demonstration purposes only and is only meant to demonstrate the scaling potential of Fuel.