As a part of its years-long push in the direction of utilizing blockchain to empower its communities, Reddit has partnered with crypto alternate FTX, based on an Aug. 9 press release.
The partnership will allow Reddit customers to make use of FTX Pay to pay for gasoline charges of Community Points transactions. In 2020, Reddit launched blockchain-based Community Points tokens to reward energetic customers posting high quality content material on the platform. The ERC-20 tokens are a measure of fame and contribution to Reddit communities.
In July 2021, Reddit selected Arbitrum as its scaling companion to scale the system to hundreds of thousands of subreddits.
In an Aug. 9 press release, Offchain Labs, developer of Arbitrum, introduced that its new Arbitrum Nova blockchain, optimized for gaming and social purposes, is dwell with the Reddit Community Points system set to be the primary main deployment on the chain. The Arbitrum Nova blockchain claims to supply low-cost and excessive safety.
Once earned, customers can make the most of the Community Points in varied methods, like buying particular memberships, gifting them, and even making governance choices. Such on-chain transactions require gasoline charges. If customers have inadequate community charges, they’ll buy Ethereum (ETH) utilizing FTX Pay with their debit or bank card, FTX stated in a blog post.
Niraj Sheth, Staff Software Engineer at Reddit, stated in an announcement:
“We’re always working to empower communities and introduce new ways to use Reddit, and decentralized, self-sustaining blockchain technology allows us to do that. By working with FTX, we’re able to do this at scale.”
The deployment of Reddit’s Community Points on the Arbitrum Nova blockchain may unlock new potential use circumstances like gaming ecosystems utilizing Community Points as forex.
Reddit’s push for Web 3.0
Reddit has lengthy been experimenting with the concept of bringing extra possession and empowerment to its customers through blockchain. In July 2022, Reddit launched digital Collectible Avatars, like non-fungible tokens (NFTs), saved on Ethereum Layer 2 answer Polygon. The collectibles aimed to allow artists to earn charges for his or her work, even fee on secondary gross sales whereas giving patrons the license of possession.
Tim Rathschmidt, Reddit’s director of client and product communications advised CryptoSlate in an e mail:
“Reddit has always been a model for what decentralization could look like online; our communities are self-built and run, and as part of our mission to better empower our communities, we are exploring tools to help them be even more self-sustaining and self-governed.”