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Ethereum

Reddit chooses to leverage Arbitrum’s Layer-2 Tech with Community Point ETH-Based Tokens

On July 22, developers working on the platform Reddit, the social news discussion aggregation forum, revealed that the team was scaling Reddit’s community points program with the Ethereum Layer-2 solution Arbitrum. Reddit developers currently test the community points tokens on the Rinkeby testnet. After testing is complete, they will migrate to Ethereum’s mainnet.

Reddit Uses Ethereum-Compatible Layer-2 Scaling Solution Arbitrum

Reddit developers detailed on Thursday that the programmers are planning to leverage the 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 in order to make the point system “decentralized.” Then Reddit hosted a Scaling Bake-Off in order to best scale the project on Ethereum’s mainnet. Reddit developers expressed their admiration for Arbitrum’s rollup technology after the scaling event. Reddit’s programming team wrote:

“Today we launched our Layer-2 rollup with Arbitrum technology. This scaling network will be tested on Rinkeby before we migrate to the Ethereum mainnet .”

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A variety of projects have used Arbitrum’s technology, including Mcdex, Bancor, and Arbiswap. Arbitrum’s blog posts claim that the technology has made things more efficient, citing Arbitrum supported Bancor 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 as the technology has been making waves within the crypto development community.

‘138,000 Subreddits Just Became Proto-DAOs’

Arbitrum’s white paper purports to achieve goals like scaling, speed, and privacy “through a unique combination of incentives, network protocol design, and virtual machine architecture.” Reddit developers stressed in the announcement that community point token users will notice the difference. Transactions will be faster once you have a Vault. You won’t need to claim Moons/Bricks each month. The developers explained that they will just appear in your Vault like magic.

Ethereum supporters were happy to see Reddit choose an Ethereum-compatible technology. Ethereum evangelist Ryan Sean Adams explained on Twitter that Reddit choosing to use Ethereum was a big deal. “Reddit has 430 million monthly users,” Adams tweeted. “Reddit uses Ethereum to store its tokens. What does this mean? 138,000 subreddits just became proto-DAOs.” Reddit developers believe the transition is a milestone.

“Today’s launch is a major step forward, but we are far from done,” Reddit developers announced. “Our goal is cross the chasm towards mainstream adoption by bringing millions to blockchain

What do you think about Reddit choosing to utilize the Ethereum-compatible Arbitrum Layer-2 rollup solution? Comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Ethereum

Arthur Hayes Says Cardano Is A ‘Shitcoin’ – Here’s Why

Cardano (ADA) is a “shitcoin” without purpose that has no distinct advantage over competitors, according to BitMEX co-founder Arthur Hayes.

“Who gives a fuck? Zero?” said Hayes when asked “What about Cardano?” in an interview with Coin Bureau published on Sunday.

Cardano Is A Shitcoin, Says Hayes

Continuing to describe the cryptocurrency – a top ten digital asset by market cap – Hayes did not mince words: “The first wannabe Ethereum, and probably the first one to go to be irrelevant,” he said.

Typically, the popular crypto essayist and trader is well known as one of the loudest long-term Bitcoin (BTC) and Ethereum (ETH) bulls, and often expresses interest in small-cap cryptos for short-term trading.

During the same interview, Hayes even expressed interest in the memecoin “dogwifhat” calling it the “best dog money of this bull cycle.

“I love Rare Pepe’s… I think we’re going to see a resurgence of NFT trading volumes,” he added.

The writer’s unique callout of Cardano ruffled some feathers online – especially with the network’s founder, Charles Hoskinson. On Tuesday, Hoskinson asked Hayes why he was “throwing shade” at Cardano.

“Cause your coin is a piece of shit man,” Hayes replied. “Just buy some ETH and chill.”

What Makes Cardano Unique?

Much like Ethereum, Cardano is a smart contract platform for developing decentralized applications. It also popularized as one of the first well-developed proof-of-stake cryptocurrencies, which use crypto rather than energy to secure its network.

However, many popular blockchains today now use the same mechanism, with Ethereum undergoing a massive upgrade in 2022 to adopt proof of stake. In terms of both market size and DeFi TVL, Cardano is still outsized by competitors like Ethereum, Solana, and Binance Smart Chain (BSC).

On Tuesday, Hayes published a list of the world’s most popular Dapps, and asked which of them had originated or grown most popular on the Cardano blockchain.

“From my very limited knowledge, it looks like none of them do,” he said. “That’s why ADA is dog shit.”

On Bitcoin, however, Hayes remains a bull, expecting strong money printing from the Federal Reserve to drive the asset’s price up soon.

“When printing money happens and you debase the value of time and human labor, we rejoice and say great, fuck you, we’re gonna take Bitcoin to a million,” he told Coin Bureau.

Late last year, Hayes predicted that Bitcoin would reach between $750,000 and $1 million by the end of 2026.

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Ethereum

Crypto Markets Experience Minor Setback as Major Coins Dip, While Select Tokens Buck the Trend

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Ethereum

Ethereum Technical Analysis: ETH Highlights Resilience Across Several Timeframes

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