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 mentioned the platform had launched its personal layer-2 rollup utilizing Arbitrum expertise for its rewards points. Reddit mentioned 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 resolution. Arbitrum primarily “rolls up” transactions on a gasless sidechain with a separate set of safety and consensus protocols, then stories the batched transactions to Ethereum. The event group at Offchain Labs has touted the mission for scaling options.
Associated: Uniswap v3 seems to be set for layer-two scaling on each Arbitrum and Optimism
Customers on the social media platform earn Community Points 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 points are often known as Bricks. Reddit mentioned the mixing of Arbitrum may doubtlessly end in sooner 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,” mentioned Reddit. “They’ll just show up in your Vault like magic!”
Although the tokens from Community Points are common on the platform, there’s seemingly no clear consensus amongst crypto analytics websites what number of are at present in circulation. Information from Etherscan exhibits roughly 67 septillion — that’s 24 zeros at the tip — 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 at the moment are 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 person by the title 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.
“Today’s launch is a big step forward, but our work is far from done,” mentioned jarins. “Our goal is to cross the chasm to mainstream adoption by bringing millions of users to blockchain.”