r/ethfinance – Why Loopring Pay is one of the BIGGEST things to EVER happen to Ethereum – Trustless, Instant, Free transaction, and 1000x Scaling.

https://www.reddit.com/r/ethfinance/comments/gyedz5/why_loopring_pay_is_one_of_the_biggest_things_to/

Loopring just released their transfer feature which they are calling “Loopring Pay”.

Honestly, it’s hard to overstate how significant this development is. Thousands of transactions per second. All transactions are free and instant. No paying fees, no waiting for block confirmations. This is like Lighning Network on steroids, with none of the downsides and it actually works!

No channels.

No need to maintain multiple channel balances.

No locking up your coins.

No risk of someone trying to broadcast old transactions to steal your coins (like on LN).

No need to be always online.

No watch towers.

etc

Loopring Pay actually delivers the easy to use Layer 2 scaling that people wished LN would one day offer, and it exists today.

You sign an on chain transaction to open a Loopring Pay “account” – This is your Layer 2 wallet. You can then transfer ETH or any ERC20 token to your Layer 2 wallet with an on-chain transaction.

Once you have coins in your Layer 2 wallet, you can send the coins to anyone else who has a Layer 2 wallet with Loopring Pay. Your transaction will be instant and free, really no fees.

Sending a transaction with Loopring Pay

Here is the same video on YouTube: Link Here

Currently, the only way to use this Layer 2 wallet is to go to the Loopring DEX website, click Transfer and sign the transaction with Metamask.

In the near future, we could see Mobile and Desktop wallets integrating this into their user interface. A simple “Move coins to L2 Wallet” button could be added to any wallet.

If wallets decide to integrate this, we can scale Ethereum Today!

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r/CryptoCurrency – Community Points/MOON like tokens could serve an important role in Decentralization and Accountability

https://www.reddit.com/r/CryptoCurrency/comments/gjh7bx/community_pointsmoon_like_tokens_could_serve_an/

tl;dr: mods are highly centralized and not truly accountable to anyone but reddit admins, tokens should on some level be implemented for community governance to prevent abuse.

Decentralization is the word, it’s the main reason I’m such a big supporter of crypto and ethereum especially. I will always be in favor of pretty much any initiative that moves power out of the hands of the few and to the many. This is badly needed in a place like reddit, and Community Points could play a big role here if it’s done right.

Why I write this post now is this this

Basically, a dude exposes that the top subreddits are HIGHLY centralized into the hands of just a few mods and is suspended from all of these communities. WTF right? As it stands right now communities here basically have to have faith that their moderators won’t be garbage, and if they are the only option is to move subs. Not the best outcome, fractures the community if it works, the shit mods retains power over anyone who is numb to the garbage and stays, which will always be a lot of people.

If these community points are implemented correctly, it could be arranged for mods to have some degree of accountability to their community. There would be other issues that would need to be addressed, such as the potential for centralization of tokens, but on /some/ level a layer of accountability to someone other than reddit admins can be added. Even the most basic token voting system would be 100% better than the level of accountability that exists now, and I’m sure a better system can be found.

So to the skeptics I ask you to please consider the decentralization potential of this initiative, and to everyone I ask to push for communities to make use of this potential as much as possible.

0 votes and 1 comment so far on Reddit