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Reddit community opts to leverage Arbitrum’s layer-2 technology with Point ETH-based token – Bitcoin News

On July 22, developers working on the social news discussion aggregation forum Reddit platform revealed that the team was augmenting Reddit’s Community Points program with Ethereum layer-2 solution Arbitrum. Currently, the Reddit developers are testing the community point token on top of the Rinkeby testnet and will migrate to the Ethereum mainnet once the testing is complete.

Reddit Leverages Ethereum-Compatible Layer-2 Scalping Solution Arbitrum

Reddit developers detailed on Thursday that programmers are planning to take advantage of 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 to make the point system “decentralized.” Then Reddit hosted a scaling back-off on Ethereum’s mainnet to best scale the project. After the scaling event, Reddit developers said they were impressed with Arbitrum’s rollup technology. The Reddit programming team wrote:

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

Several other projects have used Arbitrum’s technology such as Bancor, McDex and Arbiswap. Arbitrum’s blog post claims the technology has made things more efficient, citing Arbitrum-backed Bancor users seeing a 55% gas reduction when swapping on a decentralized exchange (DX). The Arbitrum Rollup Project is one of several ideas that the rollup takes advantage of as the technology continues to make waves within the crypto development community.

‘138,000 subreddits just became proto-DAO’

Arbitrum’s white paper aims to “achieve goals such as scaling, speed, and privacy through a unique combination of incentives, network protocol design, and virtual machine architecture.” Reddit developers emphasized in the announcement that Community Point token users will see the difference. “You will see that transactions happen very quickly, and once you have created a Vault, you will no longer have to claim Moons/Brix every month. They will appear like magic in your Vault,” the developers said. Said.

Ethereum proponents were pleased with the fact that Reddit is choosing to take advantage of Ethereum-compatible technology. Ethereum evangelist Ryan Sean Adams explained on Twitter that Reddit using Ethereum was a big deal. “Reddit has 430 million monthly users,” Adams tweeted. “Reddit is using Ethereum for its tokens. Do you know what that 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 we are not done,” the Reddit developers announced. “We aim to bridge the mainstream adoption gap by bringing millions of users to the blockchain.”

What do you think about Reddit choosing to use an Ethereum-compatible Arbitrum Layer-2 rollup solution? Let us know what you think about this topic in the comment section below.

Tags in this story

Arbitrum, blockchain, community point, ETH, ETH supporter, ethereum, ethereum (ETH), ethereum scaling, layer-2 rollup solution, mainnet, moons/brix, reddit, reddit developers, reddit dev, rinkeby testnet, ryan sean adams

image credit: Shutterstock, Pixabay, WikiCommons

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