Reddit plans to deploy layer-2 solution, and has explained that transactions would be faster, and vault creation would not need users to claim moons monthly if the solution utilizes Ethereum mainnet. One of the world’s most popular social media platform, Reddit revealed that it would utilize Arbitrum, a scaling solution for its Ethereum-based point system.
This would ensure that the platform’s transactions are settled at a faster rate. One of Reddit’s administrators, Jarins, revealed that the community had made its layer-2 solution with the scaling technology to get the point system. The social media platform explained that it would migrate to Ethereum mainnet after utilizing Rinkeyby testnet.
Reddit Reveals Why It Chose Arbitrum
Reddit explained that it chose to use Arbitrum for its decentralization because it is easy for developers to work with, and the huge backing for its usage in the community. Arbitrum scaling solution rolls up the transactions, with several security points and adequate protocols, which it would report to Ethereum after the set’s completion. The popular platform wants to give owners and users more power on the platform, causing the need for a decentralized system. The goal is to bring independence and value to Reddit’s community.
Arbitrum, as a developer-friendly technology ensures it supports Ethereum’s smart contracts and other similar infrastructures. This means that creators can explore the scaling technology similarly. Ethereum is being utilized. Offchain Labs announced the development of Arbitrum One, making it live on the Ethereum blockchain. The developers revealed that the ecosystem needed the solution while the team emphasized on the growing demand for the technology. The technology rolls up on a sideless gaschain, and this improves security. People on Reddit can easily get points on the system by posting relevant contents. There are reports that the integration would ensure cheaper transactions for Reddit tokens.
Etherscan Reports 67 Septillion As Total Supply For Moon Tokens
Presently, crypto-based data firms have different reports on circulating moon tokens in the industry. Etherscan reported that there are around 67 septillion in supply while CoinMarketCap reported that the token’s maximum supply is around 7,000,000. Reddit tokens have promoted digital assets in the community, pushing users to create numerous posts to earn rewards. Some users have revealed gaining financial leverage through the tokens as a person reported paying for their rent by selling the moon tokens. Another user caused an uproar on Reddit when he claimed he exchanged his Reddit tokens for BTC
Digital assets have helped users earn a living and grow financially independent through numerous ways. The platform’s administrator, Jarins, explained that the work is yet to be completed as it envisions pushing global adoption through the new launch. Mainstream adoption is essential for the community, especially as countries create stringent regulations to discourage and reduce cryptocurrency usage. Some brands have added digital assets as a payment means to ensure the continuous usage of the coins in the real world. Experts believe that increasing the usability of digital assets would increase the number of users.