Reddit has continued to integrate its platform with cryptocurrencies with the recent launch of its community points system on Arbitrum, an Ethereum layer 2 scaling solution.
Last year, the website launched its community points system, a reward program that lets users earn points for contributing to the community.
This is in addition to karma points that users get for their longevity and popularity on the platform.
The community points system is built on the Ethereum blockchain protocol.
___________________________________________________________________
SEE ALSO: Layer 2 Solution, Arbitrum, is Coming to UniSwap v3, Confirms UniSwap CEO
___________________________________________________________________
Community Points are digitally represented as tokens on the blockchain whereby 1 Community Point on Reddit is mirrored by 1 Community Point on the Ethereum blockchain.
In the r/Cryptocurrency subreddit, the points come in the form of Moon tokens, and in r/FortNiteBR, the points are known as Bricks. The system is provisionally available in the 2 subs only.
Now, as more projects seek scaling solutions to improve efficiency, Reddit is leveraging Arbitrum, a layer 2 scaling platform designed to allow developers easily run unmodified EVM contracts and Ethereum transactions on a second layer, while still benefiting from Ethereum’s excellent layer 1 security.
Arbitrum uses a technique known as transaction rollups to record batches of submitted transactions on the Ethereum main chain, and execute them on a cheap, scalable layer 2 sidechain while leveraging Ethereum to ensure correct results.
This process helps to offload most of the computational and storage burden Ethereum currently suffers from.
“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!”
A user’s Community Points are stored in a vault which is only available on the Reddit mobile app. The Vault contains a user’s private and public keys used to claim, trade or spend tokens on the Ethereum network.
Moons and Bricks are distributed monthly based on a user’s participation on the sub-reddits and will show up in the Vault. Users can use Reddit’s Vault feature or send their tokens to an Ethereum wallet.
In a post on u/jarins, the sub that publishes official announcements, Reddit has further outlined its ambitions for taking crypto mainstream.:
“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.”
Interestingly, the platform’s Co-Founder, Alexis Ohanian, was one of the early investors in Coinbase through his then vemture fund, Initialized Capital.
The solution is launching on Rinkeby testnet first, before migrating to the mainnet.
____________________________________________________________________
RECOMMENDED READING: Balancer Becomes the Latest Decentralized Exchange to Launch on Polygon
____________________________________________________________________
Thank you for your support by helping us create content:
BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT
____________________________________________________________________
Follow us on Twitter for latest posts and updates
Join and interact with our Telegram community
_____________________
Subscribe to the channel below to keep updated on latest news on video:
______________________________________________________________________________
Open a Paxful Bitcoin Trading Account today!
______________________________________________________________________________
