Offchain Labs Works With Reddit to Bring Community Points to the Ethereum Mainnet
Reddit Community Points will deploy tokens on Ethereum to give ownership and control back to the Reedit community
NEW YORK, Aug. 9, 2022 /PRNewswire/ — Offchain Labs, developer of Arbitrum, the leading scaling solution for Ethereum, today announced the company is working with Reddit to move Reddit’s Community Points system on to the Ethereum mainnet. Reddit Community Points will be built on the new Arbitrum Nova (“Nova”) chain and leverages Arbitrum AnyTrust technology to bring additional value and independence from the blockchain to the Reddit community.
“Today is an exciting day for both Arbiturm and Reddit as together we are opening the Ethereum ecosystem to millions of Redditors around the world,” said Steven Goldfeder, Co-Founder and CEO, Offchain Labs. “It has been a pleasure working with the Reddit team to introduce the project and we are proud to see Reddit Community Points get deployed on the Arbitrum Nova chain.”
In May 2022, Reddit announced Community Points – an initiative to deploy tokens on Ethereum and give more ownership and control back to the Reddit community. This event was followed closely by “The Great Reddit Scaling Bake-Off,” a competition to select a developer to deploy a scaling solution and formally launch Community Points on the Ethereum mainnet. Arbitrum was selected as the winner of The Great Reddit Scaling Bake-off.
The Reddit Community Points launch marks Offchain Labs’ first major deployment on the Arbitrum Nova chain. Arbitrum Nova was designed as the solution of choice for gaming and social applications. Nova utilizes Arbitrum AnyTrust technology which is optimized for ultra low-cost transactions with strong security guarantees.
You can find more information on Offchain Labs here.
About Offchain Labs
Offchain Labs is a venture-backed and Princeton-founded company that is developing Arbitrum, a suite of scaling technologies for Ethereum. Arbitrum is the leading scaling provider for Ethereum and has two live chains — Arbitrum One, the scaling solution of choice for DeFi and NFTs and Arbitrum Nova, the newly announced gaming and social platform. Arbitrum’s technology instantly scales apps, reducing costs and increasing capacity, without sacrificing Ethereum’s security. Porting contracts to Arbitrum requires no code changes or downloads as Arbitrum is fully compatible with most existing Ethereum developer tooling. Hundreds of teams have already chosen to build in the Arbitrum ecosystem.
SOURCE Offchain Labs
