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Reddit Deployed Layer-2 Solution For Scaling ETH Community Points

Reddit deployed layer-2 solution for scaling eTH community points and if the solution is migrated to the mainnet, you will notice transactions happen faster as we can see more in our latest Ethereum news today.

Reddit stated:

“You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons every month.”

The social media platform Reddit announced it will be using the scaling solution Arbitrum to handle scaling of the ETH-based community points system. In the latest announcement, Reddit administrator jarins said that the platform launched its own layer-2 rollup using Arbitrum technology for the rewards points. The platform said it deployed the layer 2 solutions on the Rinkeby testent before it plans to migrate on the Etheruem mainnet. The platform cited Arbitrum’s features of getting decentralized and it is developer-friendly, having broad ecosystem support in the decision. It also rolls up transactions on the gasless sidechain with a separate set of security and consensus protocols and then reports the batched transactions to Etheruem. The development team at Off-chain labs touted the project for scaling the solutions.

redditor made, btc, moons, dai, tokens

The users on Reddit earn community Points by posting certain content to earn rewards and in the r/cryptocurrency subreddit, they came in a Moon token form and in r/FortNiteBR with the points known as Bricks. Reddit said the integration of Arbitrum will potentially result in cheaper and faster 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. They’ll just show up in your Vault like magic!”

Ethereum Slides To $2K, btc, bitcoin, altcoins,

Reddit deployed layer-2 solutions and though the tokens from the Community points are popular on the platform, there’s no clear consensus among analytics sites how many are now in circulation. The data from Etherscan shows 67 septillion or 24 zeros at the end, MOONs that were distributed to more than 78,000 holders. Redditors using the Moon tokens already discovered practical financial applications by expressing their opinion on the platform. One user by the name of satoshinakamoto7 claimed to have used MOON tokens to pay for rent and as Jarins said:

“Today’s launch is a big step forward, but our work is far from done. Our goal is to cross the chasm to mainstream adoption by bringing millions of users to blockchain.”

 

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Author: Stefan

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Looks nice Ethereum