Social media platform Reddit introduced it might be utilizing scaling solution Arbitrum to deal with scaling its Ethereum-based Community Points system.
In a Thursday announcement, Reddit administrator jarins said the platform had launched its personal layer-2 rollup utilizing Arbitrum know-how for its rewards points. Reddit stated it had deployed the layer-2 solution on prime of the Rinkeby testnet earlier than it plans emigrate to the Ethereum mainnet.
The platform cited Arbitrum’s options of being decentralized, being developer-friendly, and having broad ecosystem assist in its determination. Arbitrum primarily “rolls up” transactions on a gasless sidechain with a separate set of safety and consensus protocols, then reviews the batched transactions to Ethereum. The growth crew at Offchain Labs has touted the project for scaling options.
Users on the social media platform earn Community Points by posting sure content material to earn rewards. In the r/Cryptocurrency subreddit, these come within the type of Moon tokens, and in r/FortNiteBR, the points are generally known as Bricks. Reddit stated the combination of Arbitrum might doubtlessly end in quicker 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 widespread on the platform, there’s seemingly no clear consensus amongst crypto analytics websites what number of are presently in circulation. Data from Etherscan shows roughly 67 septillion — that’s 24 zeros at the tip — MOONs have been distributed to greater than 78,000 holders. However, CoinMarketCap claims there’s a complete provide of solely 6,962,504 tokens.
Redditors utilizing the Moon tokens have already found sensible monetary purposes just by expressing their opinions on the platform. In January, a consumer by the identify of satoshinakamoto7 claimed to have used MOON tokens to pay for his or her hire. Another traded the tokens for Bitcoin (BTC) earlier than the worth of the crypto asset rose to greater than $30,000 in January.
“Today’s launch is a big step forward, but our work is far from done,” stated jarins. “Our goal is to cross the chasm to mainstream adoption by bringing millions of users to blockchain.”
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