- Bitcoin continues irregular pattern
- Reddit confirms migration of tokenized rewards to Ethereum in autumn 2020
- Ethereum 2.0 multi-client testnet ready by June
Bitcoin continues its irregular pattern on Sunday, but the entire crypto market seems poised for change. As Monday comes, we could see more clues as to where Bitcoin prices might move, should we see some economic indicators come up from North America and Europe.
Meanwhile, it has been an exciting week for Ethereum, the smart contract, decentralized application (Dapp) platform that has long been the dominating alternative blockchain to Bitcoin. Although its market price is far below its all time high of USD 1,400, a lot of developments have continued to happen around it, to give hope that more is yet to come for Ether.
One of the biggest boosts recently has been that from popular social blogging platform Reddit, which confirmed this week that its tokenized rewards system will fully migrate to the Ethereum blockchain in the later part of 2020.
Ethereum is moving to prime time.
From an engineering perspective, I'm quite curious to see how they are gonna scale-up.
— LorΞnzo Sicilia (@aboutlo) May 14, 2020
Dubbed Community Points, the new feature was rolled out over Thursday and Friday in selected community, but would only be operating on test net. The earliest main net roll out would be sometime in autumn this year. What has been confirmed so far is the these points would take the form of ERC-20 tokens called Moons which would represent “ownership” in Reddit communities. It would migrate to Ethereum only after a successful beta.
Moons will first manifest on the Rinkeby testnet while in beta, using a range of Ethereum-based smart contracts to execute transfers, distribution, and other operations, with the reward protocol underpinned after migration, which will also carry over accrued points balances.
Community Points will then be distributed every month using an algorithm to calculate individual activity such as posting or commenting within a subreddit. Users can trade Moons on the open market or use them within the r/Cryptocurrency community for actions such as showing reputation, unlocking badges, GIFs, and other features, and to add weight to voting in polls.
The existing user reputation system, or Karma, will determine an initial distribution of some 50 million Moons, and the following month will distribute USD 5 million worth of Moon based on activity, decreasing every month by 2.5% until it reaches a cap of 250 million Moons. This should see some activity pick up on Ethereum given that Reddit is already very popular even without tokenized rewards.
This is also timely for Ethereum’s own ongoing upgrade, which an after-action report of Ethereum 2.0 implementers’ call saying that the latest iteration of Ethereum would see a realistic target of June 2020 for release of a multi-client test net.
Right now, work is almost exclusively on bug fixes, with all existing clients being synchronized into a single blockchain version, with everyone in the team apparently devoted to detect bugs and fix them.
Developer Mehdi Zerouali of Sigma Prime says that their work on “fuzzing” techniques, which gives fake data to try and break the system, is progressing well, already locating several low-level bugs in Ethereum 2.0 client software and related libraries, such as an infinite loop bug in the Teku client and a memory segmentation fault in Nimbus.
This is important as Ethereum clients hold and validate the blockchain, so must be in sync with each other. With Ethereum 2.0, seven separate clients are being developed and most are working on Schlesi test net optimizations, which will simulate main net.
The Schlesi lead, Afri Schoedon, spoke of a tough start, with bugs preventing the first launch and causing clients to crash a lot, leading to a “terrible” transaction finality, although admitted that:
“I think we’re all surprised how stable it is.”
These surprising successes mean that a proposed new multi-client testnet could even come as early as June 2020, bringing the much anticipated Ethereum 2.0 closer to reality.
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