Offchain Labs, the developer behind the Arbitrum Ethereum (ETH) scaling solution, says it will help the social media platform Reddit move its community points system onto Ethereum’s mainnet. The firm was selected as the winner of the Great Reddit Scaling Bake-Off event earlier this year.
In a press release shared with Cryptonews.com, Offchain explained that it was building Reddit community points infrastructure on a new Arbitrum Nova chain and would “leverage” its Arbitrum AnyTrust technology “to bring additional value and independence from the blockchain to the Reddit community.”
Reddit previously revealed details of its community points, which it said would make use of Ethereum-based tokens. It also launched its scaling “bake-off” – search for a developer that would help it launch the initiative onto the Ethereum mainnet.
The firm further added that its Nova chain had been “designed as the solution of choice for gaming and social applications,” and that its technology provided “ultra low-cost transactions with strong security guarantees.”
Reddit has moved deeper into the Ethereum space in recent months and, earlier this summer, struck a deal with Polygon (MATIC) that saw the social media platform launch an ETH-compatible non-fungible token (NFT) marketplace for Redditors’ profile pictures and avatars.
It has also previously launched a range of CryptoSnoo NFTs, also built on the Ethereum blockchain – and based on the company’s mascot.
Steven Goldfeder, the co-founder and CEO of Offchain was quoted as stating that Arbiturm and Reddit together were “opening the Ethereum ecosystem to millions of Redditors around the world.”
The firm also announced that its Nova chain was now available to access for “all end-users and developers.”
Offchain added that Nova would take “a novel technical approach” with its “use of a data availability committee.”
It explained that “rather than posting all data to the Ethereum network,” the committee “certifies and validates batches of transactions and only posts the certifications to Ethereum, resulting in significant cost savings for users.”
And it claimed that “compared to other low-cost blockchain solutions,” Nova’s technology would “deliver much stronger security guarantees.”
According to the press release shared with Cryptonews.com, in addition to Offchain Labs Reddit, “several others are participating in the Arbitrum Nova launch including FTX, Consensys, P2P, and QuickNode, all of whom will be inaugural members of Nova’s ‘Data Availability Committee’. At launch, others will be deploying to the network including Maker‘s DAI token as well as Sushi.”
Additionally, Google Cloud will also be supporting the Arbitrum Nova launch, they said.
Speaking of which, major crypto exchange FTX today announced an integration with Reddit’s Community Points in the US, EU, Australia, and “other global markets,” stating:
“The partnership features the integration of FTX Pay as a white-label payment and exchange solution to support users onboarding Community Points.”
This integration enables users to purchase ETH from supported Reddit apps, which can then be used to pay network fees for their Community Points transactions on-chain, said the announcement.
__
Updated at 14:22 UTC with additional information on the support for Arbitrum Nova and with the FTX announcement.
____
– Reddit Launches NFT Avatar Marketplace
– Coinbase Gives Preview Of Its NFT Platform, Reddit Tests NFT Profile Pic Feature
– Reddit Asks Ethereum Community for a Scaling Solution
– Cryptoverse Upvotes and Downvotes Reddit’s Experiment on Ethereum
– EthereumPoW Fork Won’t ‘Significantly’ Harm Ethereum – Vitalik Buterin
– Despite Crypto Downturn, Developers Continue Contributing to Web3 Communities
Read the full article here
