Reddit deploys layer-2 solution aimed at scaling Ethereum-based community points
Reddit announced that it would be using scaling solution Arbitrum to handle scaling its Ethereum-based Community Points system.
In the announcement, the Reddit administrator said the platform had launched its own layer-2 rollup using Arbitrum technology for its rewards points.
The social media platform said it had deployed the layer-2 solution on top of the Rinkeby testnet before it plans to migrate to the Ethereum mainnet.
The platform cited Arbitrum’s features of being decentralized, being developer-friendly, and having broad ecosystem support in its decision.
Arbitrum essentially “rolls up” transactions on a gasless sidechain with a separate set of security and consensus protocols, then reports the batched transactions to Ethereum. The development team at Off-chain Labs has touted the project for scaling solutions.
Reddit users earn Community Points by posting certain content with the aim of earning rewards. In the r/Cryptocurrency subreddit, these come in the form of Moon tokens, and in r/FortNiteBR, the points are known as Bricks. Reddit said the integration of Arbitrum could potentially result in faster and cheaper transactions for the platform’s tokens.
Though the tokens from Community Points are popular on the platform, there is seemingly no clear consensus among crypto analytics sites on how many are currently in circulation. Data from Etherscan shows roughly 67 septillion — that’s 24 zeros at the end — MOONs have been distributed to more than 78,000 holders.