Thursday, January 20, 2022

Reddit deploys layer-2 solution aimed at scaling Ethereum-based community points

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Social media platform Reddit introduced it could be utilizing scaling resolution Arbitrum to deal with scaling its Ethereum-based Group Factors 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 factors. Reddit mentioned it had deployed the layer-2 resolution on high 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 help in its determination. Arbitrum basically “rolls up” transactions on a gasless sidechain with a separate set of safety and consensus protocols, then studies the batched transactions to Ethereum. The event group at Offchain Labs has touted the project for scaling options. 

Associated: Uniswap v3 looks set for layer-two scaling on both Arbitrum and Optimism

Customers on the social media platform earn Group Factors by posting sure content material to earn rewards. Within the r/Cryptocurrency subreddit, these come within the type of Moon tokens, and in r/FortNiteBR, the factors are referred to as Bricks. Reddit mentioned the mixing of Arbitrum may probably lead to sooner and cheaper transactions for the platform’s tokens.

“You’ll discover transactions occur a lot sooner, and when you’ve created a Vault, you gained’t must preserve claiming Moons each month,” said Reddit. “They’ll simply present up in your Vault like magic!”

Although the tokens from Group Factors are fashionable on the platform, there’s seemingly no clear consensus amongst crypto analytics websites what number of are at present in circulation. Knowledge from Etherscan shows roughly 67 septillion — that’s 24 zeros on the finish — MOONs have been distributed to greater than 78,000 holders. Nonetheless, CoinMarketCap claims there’s a complete provide of solely 6,962,504 tokens.

Associated: Redditors are now spam-farming Bricks and Moons

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. One other traded the tokens for Bitcoin (BTC) earlier than the worth of the crypto asset rose to greater than $30,000 in January.

“In the present day’s launch is an enormous step ahead, however our work is much from finished,” mentioned jarins. “Our purpose is to cross the chasm to mainstream adoption by bringing tens of millions of customers to blockchain.”