Offchain Labs Introduces Arbitrum Nova for the Reddit Community

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Ethereum
Offchain Labs Introduces Arbitrum Nova for the Reddit Community

The parent company of the Ethereum scaling technology, Arbitrum, Offchain Labs, unveiled the latest chain designed for gaming and decentralized social applications. The new Arbitrum Nova will be the home of the popular social forum Reddit’s Community Points.

Offchain Labs Launches Reddit Community Points System

The New York-based scaling solutions provider has unleashed Arbitrum Nova on the public. This will see Reddit host its community points system on the Nova Bridge. Moreover, the whitelist for Nova shows that it is a chain built for gaming and social applications.

Reddit, as a platform, is one of the most prominent cryptocurrency promoters among social media networks. Users could use Nova to bridge and develop projects of their choice. Nova will help drive transaction volumes and push costs down as a platform suitable for gaming and other social activities. In addition, it also comes with a high-security architecture to protect users from any possible hacking attacks.

Many development teams across different networks have shown interest in the Nova projects, which they are to deploy as part of their operations. According to Off-chain Labs, the firm is excited to launch the Arbitrum Nova and have Reddit deploy its Community Points system to Nova.

Reddit has previously announced the launch of its Community Points in May 2022. The initiative aims to issue tokens on Ethereum and grant the Reddit community ownership and control of the project. 

Similarly, Reddit also released “The Great Reddit Scaling Bake-Off,” a competition to select the right developer for the scaling solution. The final process is to use the scaling solution to launch the Community Points on the Ethereum mainnet. Arbitron emerged as the winner of the selection process, which led to the development of the Arbitrum Nova.

Reddit’s Blockchain Community Points

Like all discussion boards or social forums, Reddit has a dedicated cryptocurrency and blockchain community where members discuss issues and promote the adoption of digital assets. According to Reddit’s development team, the current structure of the internet traps users and does not promote possibilities.

To them, the web is too restrictive for individuals to take ownership of and to be accessible; blockchain networks provide a way for users to reclaim the internet. In essence, Reddit aims to use blockchain adoption as the medium to onboard tools not permitted in the highly centralized web space.

The Community Points are available on two subreddits, Cryptocurrency with one million subscribers and FortNiteBr with 1.3 million subscribers. For emphasis, subreddits are specific communities on Reddit. Each has content dedicated to its category.

Furthermore, the Community Points are stored in “Vaults” and are only available on Reddit’s mobile application. Users can use their private keys to spend or trade their tokens on the Ethereum network. 

The coins are distributed monthly depending on a user’s participation in a given subreddit displayed in the Vault.

Meanwhile, the Moons and Bricks tokens represent Cryptocurrency and FortNiteBr, respectively, which users can send to their Ethereum Wallet.

Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.