Reddit deploys layer-2 solution aimed at scaling Ethereum-based community points
Reddit deploys layer-2 solution aimed at scaling Ethereum-based customs points
"Yous'll observe transactions happen much faster, and once you've created a Vault, yous won't have to keep claiming Moons every calendar month," said Reddit if the solution is migrated to the Ethereum mainnet.
12061 Total views
fourteen Total shares
Social media platform Reddit announced information technology would be using scaling solution Arbitrum to handle scaling its Ethereum-based Community Points system.
In a Thursday announcement, Reddit administrator jarins said the platform had launched its own layer-2 rollup using Arbitrum applied science for its rewards points. Reddit said it had deployed the layer-2 solution on top of the Rinkeby testnet before it plans to drift to the Ethereum mainnet.
The platform cited Arbitrum's features of existence decentralized, existence programmer-friendly, and having wide ecosystem back up in its decision. Arbitrum essentially "rolls up" transactions on a gasless sidechain with a separate set up of security and consensus protocols, and so reports the batched transactions to Ethereum. The evolution squad at Offchain Labs has touted the project for scaling solutions.
Related: Uniswap v3 looks fix for layer-ii scaling on both Arbitrum and Optimism
Users on the social media platform earn Community Points by posting certain content to earn rewards. In the r/Cryptocurrency subreddit, these come in the form of Moon tokens, and in r/FortNiteBR, the points are known as Bricks. Reddit said the integration of Arbitrum could potentially event in faster and cheaper transactions for the platform's tokens.
"You'll discover transactions happen much faster, and once y'all've created a Vault, y'all won't have to keep claiming Moons every month," said Reddit. "They'll but evidence up in your Vault similar magic!"
Though the tokens from Customs Points are popular on the platform, there is seemingly no clear consensus among crypto analytics sites how many are currently in circulation. Data from Etherscan shows roughly 67 septillion — that'south 24 zeros at the stop — MOONs have been distributed to more than 78,000 holders. However, CoinMarketCap claims there is a full supply of only six,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 January, a user by the proper noun of satoshinakamoto7 claimed to have used MOON tokens to pay for their rent. Another traded the tokens for Bitcoin (BTC) earlier the price of the crypto asset rose to more than $30,000 in Jan.
"Today's launch is a big pace forward, merely our work is far from done," said jarins. "Our goal is to cross the chasm to mainstream adoption past bringing millions of users to blockchain."
Source: https://cointelegraph.com/news/reddit-deploys-layer-2-solution-aimed-at-scaling-ethereum-based-community-points
Posted by: petersonketionce.blogspot.com
0 Response to "Reddit deploys layer-2 solution aimed at scaling Ethereum-based community points"
Post a Comment