Reddit deploys layer-2 solution aimed at scaling Ethereum-based community points
Reddit deploys layer-two solution aimed at scaling Ethereum-based community points
"Y'all'll observe transactions happen much faster, and once you've created a Vault, yous won't have to keep claiming Moons every month," said Reddit if the solution is migrated to the Ethereum mainnet.
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Social media platform Reddit announced it would exist using scaling solution Arbitrum to handle scaling its Ethereum-based Community Points arrangement.
In a Thursday proclamation, Reddit administrator jarins said the platform had launched its own layer-2 rollup using Arbitrum technology for its rewards points. Reddit said information technology had deployed the layer-2 solution on pinnacle of the Rinkeby testnet before it plans to drift to the Ethereum mainnet.
The platform cited Arbitrum's features of beingness decentralized, being programmer-friendly, and having broad ecosystem back up in its determination. Arbitrum essentially "rolls up" transactions on a gasless sidechain with a separate set of security and consensus protocols, then reports the batched transactions to Ethereum. The development team at Offchain Labs has touted the project for scaling solutions.
Related: Uniswap v3 looks prepare for layer-two scaling on both Arbitrum and Optimism
Users on the social media platform earn Community Points by posting sure content to earn rewards. In the r/Cryptocurrency subreddit, these come in the grade of Moon tokens, and in r/FortNiteBR, the points are known as Bricks. Reddit said the integration of Arbitrum could potentially outcome in faster and cheaper transactions for the platform's tokens.
"You'll discover transactions happen much faster, and once yous've created a Vault, you lot won't have to keep claiming Moons every calendar month," said Reddit. "They'll just testify up in your Vault like magic!"
Though the tokens from Community Points are popular on the platform, there is seemingly no clear consensus among crypto analytics sites how many are currently in circulation. Information from Etherscan shows roughly 67 septillion — that'southward 24 zeros at the end — MOONs take been distributed to more 78,000 holders. However, CoinMarketCap claims at that place is a total supply of only 6,962,504 tokens.
Related: Redditors are now spam-farming Bricks and Moons
Redditors using the Moon tokens have already discovered practical financial applications simply by expressing their opinions on the platform. In Jan, a user past the name of satoshinakamoto7 claimed to have used MOON tokens to pay for their rent. Another traded the tokens for Bitcoin (BTC) before the price of the crypto asset rose to more than $thirty,000 in January.
"Today's launch is a big stride frontwards, but our work is far from done," said jarins. "Our goal is to cross the chasm to mainstream adoption by bringing millions of users to blockchain."
Source: https://cointelegraph.com/news/reddit-deploys-layer-2-solution-aimed-at-scaling-ethereum-based-community-points
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