Reddit Deploys Layer 2 Solution to Scale Ethereum-Based Community Points

Jul 23, 2021

The social media platform Reddit has introduced that it’ll use its Arbitrum scaling resolution to develop its Ethereum-based Community Points system.

In an announcement on Thursday, Reddit administrator Jarins stated the platform had rolled out its personal Layer 2 rollout utilizing Arbitrum expertise for its bonus factors. Reddit says it deployed a Layer 2 resolution on the Rinkeby testnet earlier than planning to migrate to the Ethereum mainnet.

In its choice, the platform cited the traits of Arbitrum as a decentralized, developer-friendly and broad ecosystem assist. Essentially, Arbitrum “aggregates” transactions on a gasless sidechain with a separate set of safety and consensus protocols after which reviews the transactions to Ethereum in batches. The Offchain Labs growth staff praised the mission for scaling options.

Related: Uniswap v3 is anticipated to lengthen the second tier to embody each arbitrum and optimism

Users on social media platforms earn Community Points by posting sure content material so as to obtain rewards. In the r / Cryptocurrency subreddit they’re within the type of moon tokens, and in r / FortNiteBR the factors are referred to as Bricks. Reddit says the Arbitrum integration will probably end in quicker and cheaper transactions for the platform’s tokens.

Says Reddit, “You will discover transactions go so much quicker, and after you have a vault created you will not have to declare moons each month. “They will only appear in your safe as if by magic!”

While Community Points tokens are in style on the platform, there does not appear to be a transparent consensus amongst cryptanalysis websites about how a lot is at present in circulation. Data from Etherscan exhibits that roughly $ 67 billion – that is 24 trailing zeros – MOONs had been distributed to greater than 78,000 owners. However, CoinMarketCap claims that the overall provide is barely 6,962,504 tokens.

Connected: Redditors are at present spamming Bricks and Moons

Redditors utilizing the Moon token have found actual monetary functions just by expressing their opinion on the platform. In January, a consumer named satoshinakamoto7 claimed to have used the MOON token to pay his hire. Another particular person traded tokens for Bitcoin (BTC) earlier than the price of the crypto asset surged above $ 30,000 in January.

(*2*) stated Jarins. “Our goal is to break the abyss of mainstream adoption by bringing millions of users to the blockchain.”

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