Fun

Reddit Chooses to Leverage Arbitrum’s Layer-2 Tech With Community Point ETH-Based Tokens

News Feed - 2021-07-24 02:07:15

Reddit Chooses to Leverage Arbitrum"s Layer-2 Tech With Community Point ETH-Based Tokens


On July 22, developers working on the platform Reddit, the social news discussion aggregation forum, revealed that the team was scaling Reddit’s community points program with the Ethereum Layer-2 solution Arbitrum. Currently, Reddit developers are testing the community point tokens on top of the Rinkeby testnet and will migrate to the Ethereum mainnet after testing is complete. Reddit Leverages Ethereum-Compatible Layer-2 Scaling Solution Arbitrum


Reddit developers detailed on Thursday that the programmers are planning to leverage the Layer-2 scaling solution Arbitrum, a cryptocurrency platform that claims to make smart contracts scalable, fast, and private. Last year, Reddit launched the company’s community points on Ethereum in order to make the point system “decentralized.” Then Reddit hosted a Scaling Bake-Off in order to best scale the project on Ethereum’s mainnet. Following the scaling event, Reddit developers said they were impressed by Arbitrum’s rollup technology. The Reddit programming team wrote:


“Today, we are launching our own Layer-2 rollup using Arbitrum technology. We will be testing this scaling network on top of Rinkeby, before migrating to the Ethereum mainnet.”


A number of other projects have utilized Arbitrum’s technology like Bancor, Mcdex, and Arbiswap. Arbitrum’s blog posts claim that the technology has made things more efficient, citing Arbitrum supported Bancor users seeing a 55% gas reduction when doing swaps on the decentralized exchange (dex). The Arbitrum rollups project is one of many ideas that leverage rollups as the technology has been making waves within the crypto development community. ‘138,000 Subreddits Just Became Proto-DAOs’


Arbitrum’s white paper purports to achieve goals like scaling, speed, and privacy “through a unique combination of incentives, network protocol design, and virtual machine architecture.” Reddit developers stressed in the announcement that community point token users will notice the difference. “You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons/Bricks every month. They’ll just show up in your Vault like magic,” the developers said.


Ethereum proponents were pleased with the fact that Reddit is choosing to leverage an Ethereum-compatible technology. Ethereum evangelist Ryan Sean Adams explained on Twitter that Reddit choosing to use Ethereum was a big deal. “Reddit has 430 million monthly users,” Adams tweeted. “Reddit is using Ethereum for its tokens. Do you know what this means? 138,000 subreddits just became proto-DAOs.” Reddit developers believe the transition is a milestone.


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


What do you think about Reddit choosing to utilize the Ethereum-compatible Arbitrum Layer-2 rollup solution? Let us know what you think about this subject in the comments section below. Paxos Standard Presents Assets Backing Its Stablecoins NEWS | 15 hours ago Sotheby’s to Auction Never-Before-Seen Muhammad Ali Artwork NFT NEWS | 17 hours ago Tags in this story Arbitrum, Blockchain, community points, ETH, ETH Proponents, Ethereum, Ethereum (ETH), Ethereum Scaling, Layer-2 rollup solution, Mainnet, Moons/Bricks, Reddit, Reddit developers, Reddit Devs, Rinkeby testnet, Ryan Sean Adams


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

FTX Bankruptcy: Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns
FTX Bankruptcy: Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns Judge John Dorsey has delayed his decision on whether to appoint an independent examiner
Dogecoin’s Fate Hinges On This Price Level, Analysts Agree
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
How will the Bitcoin halving affect ETH price?
Robert D. Knight10 hours agoHow will the Bitcoin halving affect ETH price?The Bitcoin halving will likely positively affect Ethereum and the broader crypto market, according to multiple industry insiders.4850 Total views
Big banks rush in to test ECB’s wholesale distributed ledger tech
Derek Andersen6 hours agoBig banks rush in to test ECB’s wholesale distributed ledger techThe new participants in the European Central Bank’s DLT tests include major financial institutions.767 Total views3 Total shar
Litecoin Comeback: LTC Breaks Free And Guns For $400
Este artículo también está disponible en español. Litecoin (LTC) has lately been experiencing significant momentum as it emerges from a protracted downtrend, causing quit
Biggest Movers: DOGE, ADA Move to Multi-Week Highs on Wednesday
Biggest Movers: DOGE, ADA Move to Multi-Week Highs on Wednesday Dogecoin rose by over 10% in today’s session, as the meme coin closed in on its highest point in almost one m
Stablecoin Market Nears 15% of the Entire Crypto Economy’s Market Valuation
Stablecoin Market Nears 15% of the Entire Crypto Economy"s Market Valuation Roughly two months ago on April 11, the stablecoin economy was valued at $190 billion and was getting cl
Tesla CEO Elon Musk Takes Stake in Twitter — Analyst Says It Could Lead to a Buyout
Tesla CEO Elon Musk Takes Stake in Twitter — Analyst Says It Could Lead to a Buyout Tesla CEO Elon Musk has taken a stake in Twitter Inc. after stating that he is “giving
William Suberg13 hours agoBitcoin price can go ‘full bull’ next month if 200-week trendline staysBitcoin and crypto are in line for a classic breakout should multiple time-tested patterns continue, says analyst Cole
Russia Adopts Law Allowing State to Seize Illegal Funds, Digital Assets From Officials
Russia Adopts Law Allowing State to Seize Illegal Funds, Digital Assets From Officials The State Duma of Russia, the lower house of parliament, has passed a law permitting law enfo
UK Treasury Considers Digital Pound, Maintains Crypto Hub Objective
UK Treasury Considers Digital Pound, Maintains Crypto Hub Objective The U.K. is mulling over launching a digital pound as it remains committed to becoming a cryptocurrency hub, a g
While Official Figures Claim Turkey’s Inflation Rate Is 85%, Third-Party Stats Say It’s Closer to 200%
While Official Figures Claim Turkey’s Inflation Rate Is 85%, Third-Party Stats Say It"s Closer to 200% Inflation has skyrocketed in Turkey as official figures from the Turkish St