Source: AdobeStock / Aleksei
Offchain Labs, the developer behind the Arbitrum Ethereum (ETH) scaling solution, says it will help the social media platform Reddit move its community points system onto Ethereum’s mainnet. The firm was selected as the winner of the Great Reddit Scaling Bake-Off event earlier this year.
In a press release shared with Cryptonews.com, Offchain explained that it was building Reddit community points infrastructure on a new Arbitrum Nova chain and would “leverage” its Arbitrum AnyTrust technology “to bring additional value and independence from the blockchain to the Reddit community.”
Reddit previously revealed details of its community points, which it said would make use of Ethereum-based tokens. It also launched its scaling “bake-off” – search for a developer that would help it launch the initiative onto the Ethereum mainnet.
The firm further added that its Nova chain had been “designed as the solution of choice for gaming and social applications,” and that its technology provided “ultra low-cost transactions with strong security guarantees.”
Reddit has moved deeper into the Ethereum space in recent months and, earlier this summer, struck a deal with Polygon (MATIC) that saw the social media platform launch an ETH-compatible non-fungible token (NFT) marketplace for Redditors’ profile pictures and avatars.
It has also previously launched a range of CryptoSnoo NFTs, also built on the Ethereum blockchain – and based on the company’s mascot.
Steven Goldfeder, the co-founder and CEO of Offchain was quoted as stating that Arbiturm and Reddit together were “opening the Ethereum ecosystem to millions of Redditors around the world.”
The firm also announced that its Nova chain was now available to access for “all end-users and developers.”
Offchain added that Nova would take “a novel technical approach” with its “use of a data availability committee.”
It explained that “rather than posting all data to the Ethereum network,” the committee “certifies and validates batches of transactions and only posts the certifications to Ethereum, resulting in significant cost savings for users.”
And it claimed that “compared to other low-cost blockchain solutions,” Nova’s technology would “deliver much stronger security guarantees.”