Reddit is forging ahead with blockchain adoption push with FTX partnership

admin August 9, 2022

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As part of a longstanding commitment to using blockchain to empower communities, Reddit has partnered with cryptocurrency exchange FTX. press release.

The partnership will allow Reddit users to use FTX Pay to pay for gas on Community Points transactions. In 2020, Reddit launched a blockchain-based service community points A token that rewards active users who post quality content on the platform. ERC-20 tokens are a measure of your reputation and contribution to the Reddit community.

In July 2021, Reddit selected Arbitrum as their scaling partner to scale their system to millions of subreddits.

August 9 press releaseArbitrum developer Offchain Labs announced that the new Arbitrum Nova blockchain, optimized for gaming and social applications, is live on the Reddit community points system set to be the first major deployment on the chain. The Arbitrum Nova blockchain claims to offer high security at low cost.

Earned community points can be used in a variety of ways, including purchasing special memberships, gifts, and governance decisions. Gas fees are required for such on-chain transactions. If a user does not have enough network fees, he can buy Ethereum (ETH) using FTX Pay with a debit or credit card, FTX said. blog post.

Niraj ShethA staff software engineer at Reddit said:

“We are constantly working to empower our community and introduce new ways to use Reddit, and decentralized and autonomous blockchain technology makes that possible. can be done on a large scale.”

Deploying Reddit’s Community Points on the Arbitrum Nova blockchain could open up new potential use cases, such as gaming ecosystems that use Community Points as their currency.

Reddit’s Web 3.0 push

Reddit has long experimented with the idea of giving users more ownership and power via blockchain. In July 2022, Reddit launched a non-fungible token (NFT)-like digital collectible avatar, stored in Polygon, an Ethereum Layer 2 solution. Collectibles are intended to allow artists to earn a fee for their work, giving ownership to the buyer while even earning a commission on secondary sales.

Tim Rathschmidt, Director of Consumer and Product Communications at Reddit, said: crypto slate By email:

“Reddit has always been the model for what decentralization looks like online. We are looking for tools to help us become independent and self-managing.”