As announced by Offchain Labs, the developer of Arbitrum, Reddit an American social media company is moving its Community Point System to Nova, an Ethereum (ETH) mainnet.
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Following the transition, Reddit Community Point System will be developed on the newly launched Arbitrum Nova chain and would leverage the Arbitrum AnyTrust technology to add more value and offer freedom from the blockchain to users of the Reddit network.
Nova is a new chain on the Arbitrum AnyTrust Technology that is designed to accommodate ultra-low-cost transactions while guaranteeing maximum security.
Also, Arbitrum is the leading scaling solution for the Ethereum network. Although Arbitrum Nova is the first chain on the ETH mainnet, there was previously a chain built on the Arbitrum Rollup Technology. It will be easier to refer to that former chain as Arbitrum One.
Explicitly, the Arbitrum Nova scaling solution will be used for gaming including video gaming, and other social applications that have a high transaction volume but are focused on low-cost and high security. Meanwhile, Arbitrum One will continue to be responsible for decentralized finance (DeFi) and several non-fungible token (NFT) projects.
Arbitrum Powering Reddit
The design of the Nova chain is created in such a way that all developers have uniform access and opportunities to have their product apps on the network once it comes up.
This is possible only if they have been authorized by the Nova chain which is permission only. Together with the low-cost and high security that the Nova chain offers to high-volume transactions, a Data Availability Committee has been inaugurated to oversee the affairs of the chain.
The members of the Data Availability Committee are Sam Bankman-Fried FTX, Consensys, Offchain Labs, Google Cloud, P2P, and Quicknode including the new partner of the Offchain Labs network, Reddit.
In addition to the Reddit transition, a whitelist has been created for developers who are interested in gaining access to the ETH mainnet. Prospective mainnet developers are encouraged to come onboard the network and start developing utilizing the AnyTrust Technology. So far, about 100 teams of developers have been granted access.
The partnership between Reddit and OffChain Labs will certainly help the social media giant’s NFT and broader Web3.0 push.
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