2 years ago
As portion of its years-long propulsion towards utilizing blockchain to empower its communities, Reddit has partnered with crypto speech FTX, according to an Aug. 9 press release.
The concern volition alteration Reddit users to usage FTX Pay to wage for state fees of Community Points transactions. In 2020, Reddit launched blockchain-based Community Points tokens to reward progressive users posting prime contented connected the platform. The ERC-20 tokens are a measurement of estimation and publication to Reddit communities.
In July 2021, Reddit chose Arbitrum arsenic its scaling spouse to standard the strategy to millions of subreddits.
In an Aug. 9 press release, Offchain Labs, developer of Arbitrum, announced that its caller Arbitrum Nova blockchain, optimized for gaming and societal applications, is unrecorded with the Reddit Community Points strategy acceptable to beryllium the archetypal large deployment connected the chain. The Arbitrum Nova blockchain claims to connection low-cost and precocious security.
Once earned, users tin utilize the Community Points successful assorted ways, similar purchasing peculiar memberships, gifting them, oregon adjacent making governance decisions. Such on-chain transactions necessitate state fees. If users person insufficient web fees, they tin acquisition Ethereum (ETH) utilizing FTX Pay with their debit oregon recognition card, FTX said successful a blog post.
Niraj Sheth, Staff Software Engineer astatine Reddit, said successful a statement:
“We’re ever moving to empower communities and present caller ways to usage Reddit, and decentralized, self-sustaining blockchain exertion allows america to bash that. By moving with FTX, we’re capable to bash this astatine scale.”
The deployment of Reddit’s Community Points connected the Arbitrum Nova blockchain could unlock caller imaginable usage cases similar gaming ecosystems utilizing Community Points arsenic currency.
Reddit’s propulsion for Web 3.0
Reddit has agelong been experimenting with the thought of bringing much ownership and empowerment to its users via blockchain. In July 2022, Reddit launched integer Collectible Avatars, similar non-fungible tokens (NFTs), stored connected Ethereum Layer 2 solution Polygon. The collectibles aimed to alteration artists to gain fees for their work, adjacent committee connected secondary income portion giving buyers the licence of ownership.
Tim Rathschmidt, Reddit’s manager of user and merchandise communications told CryptoSlate in an email:
“Reddit has ever been a exemplary for what decentralization could look similar online; our communities are self-built and run, and arsenic portion of our ngo to amended empower our communities, we are exploring tools to assistance them beryllium adjacent much self-sustaining and self-governed.”
The station Reddit is forging up with blockchain adoption propulsion with FTX partnership appeared archetypal connected CryptoSlate.
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