{"id":9996,"date":"2021-07-23T17:54:15","date_gmt":"2021-07-23T17:54:15","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/reddit-chooses-to-leverage-arbitrums-layer-2-tech-with-community-point-eth-based-tokens\/"},"modified":"2021-07-23T17:54:15","modified_gmt":"2021-07-23T17:54:15","slug":"reddit-chooses-to-leverage-arbitrums-layer-2-tech-with-community-point-eth-based-tokens","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/reddit-chooses-to-leverage-arbitrums-layer-2-tech-with-community-point-eth-based-tokens\/","title":{"rendered":"Reddit Chooses to Leverage Arbitrum\u2019s Layer-2 Tech With Community Point ETH-Based Tokens"},"content":{"rendered":"

On July 22, developers working on the platform Reddit, the social news discussion aggregation forum, revealed that the team was scaling Reddit\u2019s 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. <\/strong><\/p>\n

Reddit Leverages Ethereum-Compatible Layer-2 Scaling Solution Arbitrum<\/h2>\n

Reddit developers detailed on Thursday that the programmers are planning to leverage the Layer-2 scaling solution Arbitrum<\/a>, a cryptocurrency platform that claims<\/a> to make smart contracts scalable, fast, and private. Last year, Reddit launched the company\u2019s community points<\/a> on Ethereum in order to make the point system<\/a> \u201cdecentralized.\u201d Then Reddit hosted a Scaling Bake-Off<\/a> in order to best scale the project on Ethereum\u2019s mainnet. Following the scaling event, Reddit developers said they were impressed by Arbitrum\u2019s rollup technology. The Reddit programming team wrote:<\/p>\n

\u201cToday, 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.\u201d<\/p>\n

A number of other projects have utilized Arbitrum\u2019s technology like Bancor, Mcdex, and Arbiswap. Arbitrum\u2019s blog posts claim that the technology has made things more efficient, citing Arbitrum supported Bancor<\/a> 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<\/a> as the technology has been making waves within the crypto development community.<\/p>\n

<\/p>\n

\u2018138,000 Subreddits Just Became Proto-DAOs\u2019<\/h2>\n

Arbitrum\u2019s white paper<\/a> purports to achieve goals like scaling, speed, and privacy \u201cthrough a unique combination of incentives, network protocol design, and virtual machine architecture.\u201d Reddit developers stressed in the announcement that community point<\/a> token users will notice the difference. \u201cYou\u2019ll notice transactions happen much faster, and once you\u2019ve created a Vault, you won\u2019t have to keep claiming Moons\/Bricks every month. They\u2019ll just show up in your Vault like magic,\u201d the developers said.<\/p>\n

Ethereum proponents were pleased with the fact that Reddit is choosing to leverage an Ethereum-compatible technology. Ethereum evangelist Ryan Sean Adams<\/a> explained on Twitter that Reddit choosing to use Ethereum was a big deal. \u201cReddit has 430 million monthly users,\u201d Adams tweeted<\/a>. \u201cReddit is using Ethereum for its tokens. Do you know what this means? 138,000 subreddits just became proto-DAOs.\u201d Reddit developers believe the transition is a milestone.<\/p>\n

\u201cToday\u2019s launch is a big step forward, but our work is far from done,\u201d the Reddit developers\u2019 announcement concluded. \u201cOur goal is to cross the chasm to mainstream adoption by bringing millions of users to blockchain.\u201d<\/p>\n

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.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, 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<\/p>\n","protected":false},"excerpt":{"rendered":"

On July 22, developers working on the platform Reddit, the social news discussion aggregation forum, revealed that the team was scaling Reddit\u2019s 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…<\/p>\n","protected":false},"author":0,"featured_media":9997,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9996"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9996"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9997"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}