Offchain Labs, the developer behind the Arbitrum Ethereum (ETH) scaling solution, states it can help the social networking platform Reddit move its community points system onto Ethereum’s mainnet. The firm was selected because the champion from the Great Reddit Scaling Bake-Off event captured.
In an announcement distributed to Cryptonews.com, Offchain described it had become building Reddit community points infrastructure on the new Arbitrum Nova chain and would “leverage” its Arbitrum AnyTrust technology “to bring additional value and independence in the blockchain towards the Reddit community.”
Reddit formerly revealed information on its community points, so it stated would utilize Ethereum-based tokens. Additionally, it launched its scaling “bake-off” – look for a developer that will help it to launch the initiative to the Ethereum mainnet.
The firm further added that it is Nova chain have been “designed because the solution preferred by gaming and social applications,” which its technology provided “ultra low-cost transactions with strong security guarantees.”
Reddit has moved much deeper in to the Ethereum space in recent several weeks and, the 2009 summer time, struck an offer with Polygon (MATIC) that saw the social networking platform launch an ETH-compatible non-fungible token (NFT) industry for Redditors’ profile pictures and avatars.
It’s also formerly launched a variety of CryptoSnoo NFTs, also built around the Ethereum blockchain – and in line with the company’s mascot.
Steven Goldfeder, the co-founder and Chief executive officer of Offchain was quoted as proclaiming that Arbiturm and Reddit together were “opening the Ethereum ecosystem to countless Redditors all over the world.”
The firm also announced that it is Nova chain was available these days to gain access to for “all finish-users and developers.”
Offchain added that Nova would take “a novel technical approach” using its “use of the data availability committee.”
It described that “rather than posting all data towards the Ethereum network,” the committee “certifies and validates batches of transactions and just posts the certifications to Ethereum, leading to significant financial savings for users.”
Also it claimed that “compared with other low-cost blockchain solutions,” Nova’s technology would “deliver much more powerful security guarantees.”
Based on the pr release distributed to Cryptonews.com, additionally to Offchain Labs Reddit, “several other medication is taking part in the Arbitrum Nova launch including FTX, Consensys, P2P, and QuickNode, all whom is going to be inaugural people of Nova’s ‘Data Availability Committee’. At launch, others is going to be deploying towards the network including Maker‘s DAI token in addition to Sushi.”
Furthermore, Google Cloud may also be supporting the Arbitrum Nova launch, they stated.
Which reminds me, major crypto exchange FTX today announced an integration with Reddit’s Community Points in america, EU, Australia, and “other global markets,” stating:
“The partnership features the combination of FTX Pay like a white-colored-label payment and exchange means to fix support users onboarding Community Points.”
This integration enables users to buy ETH from supported Reddit apps, which could then be employed to pay network charges for his or her Community Points transactions on-chain, stated the announcement.
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Updated at 14:22 UTC with a lot more info on the support for Arbitrum Nova along with the FTX announcement.
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Find out more:
– Reddit Launches NFT Avatar Marketplace
– Coinbase Gives Preview Of Their NFT Platform, Reddit Tests NFT Profile Pic Feature
– Reddit Asks Ethereum Community for any Scaling Solution
– Cryptoverse Upvotes and Downvotes Reddit’s Try Ethereum
– EthereumPoW Fork Will not ‘Significantly’ Harm Ethereum – Vitalik Buterin
– Despite Crypto Downturn, Developers Continue Adding to Web3 Communities
