The social network Reddit has picked Arbitrum Nova as the platform to difficulty its Community Points reward token.
Arbitrum, the major tier two scaling remedy on Ethereum, has announced that it has partnered with Reddit to tokenize the social network’s Community Points on the blockchain.
Arbitrum at this time operates two degree two answers, Arbitrum One, in operation considering the fact that 2021, and Arbitrum Nova, a new platform in beta. Arbitrum Nova is a network intended particularly for gaming and social networking applications, though preserving the higher degree of protection inherited from Ethereum.
Reddit stated it will rebuild its Community Points process on Arbitrum Nova, making it possible for social network consumers to produce much more applications from there.
Arbitrum CEO Steven Goldfeder commented:
“One of the great things Reddit is doing with Community Points on Nova is making it a common network where anyone can distribute tokens, apps and smart contracts.”
Community Points have been examined by Reddit considering the fact that 2020, but exist only on Ethereum’s Rinkeby testnet and thus published on Arbitrum. Currently, only two Community Points, MOON and BRICK, have been developed for the r / CryptoCurrency and r / FortniteBR communities respectively, rewarding articles creation and local community engagement. Although they have no real worth, they are even now exchanged involving consumers.
Reddit has exposed that it will spouse with FTX, ConsenSys, P2P and Quicknode to assistance new tokens on Arbitrum Nova.
FTX is partnering with @reddit to empower on-line communities by way of the energy of @referee blockchain. That’s how.https://t.co/2BcINRMewE
– FTX (@FTX_official) August 9, 2022
Other tasks anticipated to launch on Arbitrum Nova quickly incorporate Maker’s DAI stablecoin and the DEX SushiSwap exchange.
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