“You’ll notice transactions happen much faster, and once you’ve created a
Vault, you won’t have to keep claiming Moons every month,” said Reddit
if the solution is migrated to the Ethereum mainnet.
Social media platform Reddit announced it 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
technology for its rewards points. Reddit said it had deployed the
layer-2 solution on top of the Rinkeby testnet before it plans to
migrate to the Ethereum mainnet.
The platform cited Arbitrum’s
features of being decentralized, being developer-friendly, and having
broad ecosystem support in its decision. 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 set for layer-two 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
result in faster and cheaper transactions for the platform’s tokens.
“You’ll
notice transactions happen much faster, and once you’ve created a
Vault, you won’t have to keep claiming Moons every month,” said Reddit. “They’ll just show 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. Data from Etherscan shows
roughly 67 septillion — that’s 24 zeros at the end — MOONs have been
distributed to more than 78,000 holders. However, CoinMarketCap claims there 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
January, a user by 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 $30,000 in January.
“Today’s
launch is a big step forward, 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 link : https://cointelegraph.com/news/reddit-deploys-layer-2-solution-aimed-at-scaling-ethereum-based-community-points
