FTX has announced that FTX Pay’s infrastructure has integrated with the social media and news aggregation forum Reddit’s Community Points system. Integration has already been implemented across the U.S. and Australia as well as other international countries. FTX Pay will also join Infura, P2P, Google Cloud, and other companies and projects in order to create a new data availability committee (DAC) for Offchain Labs’ new chain, Arbitrum Nova.
FTX Pay to Support Reddit’s Community Points System, Slew of Web2 and Web3 Firms Form Data Availability Committee
On August 9, the crypto company FTX revealed that FTX Pay will be supported by Reddit’s Community Points system. Bitcoin.com News announced that Reddit would launch an Ethereum-based Community Points Beta Program in December 2021.
Reddit announced that the program would be using the Ethereum scaling solution Arbitrum prior to its beta launch. Reddit’s Community Points project uses Offchain Labs’ new chain, Arbitrum Nova, and FTX explained that FTX Pay’s “payment and exchange infrastructure” has integrated with Reddit’s crypto-infused system.
FTX detailed that because Reddit’s Community Points uses Arbitrum Nova “users can take their reputation anywhere they’re recognized on the Internet.” “The integration of FTX Pay allows users to purchase [ethereum] from supported Reddit apps, which then can be used to pay blockchain network fees for their Community Points transactions on-chain,” FTX added.
In addition to FTX Pay integrating with Reddit’s crypto point system, the company joins Web2 and Web3 participants such as Infura, Offchain Labs, Reddit, Google Cloud, P2P, and Quicknode that have formed a new data availability committee (DAC). Consensys subsidiary Infura published a blog explaining the DAC’s purpose and working methods on Tuesday.
“The committee will work by assuming at least two honest members to protect the funds,” Infura’s blog post notes. “By having six members on the DAC to increase the level of difficulty to compromise the validation consensus, Arbitrum Nova users will benefit from a highly secure system, because no one member will be a single point of failure.”
As far as the FTX Pay integration, FTX’s CEO Sam Bankman-Fried said the crypto firm looked forward to working with the popular forum site Reddit. “We’re excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain,” Bankman-Fried said in a statement on Tuesday.
Reddit in the United States is 7th most visited website. The forum website ranks 8th globally, according to data from June 2022. Reddit is also home to approximately 52 million active users each day, and more than 2.8million subreddits according to oberlo.com’s 2021 metrics.
“We’re always working to empower communities and introduce new ways to use Reddit, and decentralized, self-sustaining blockchain technology allows us to do that,” Niraj Sheth, staff software engineer at Reddit said on Tuesday. “By working with FTX, we’re able to do this at scale.”
What do you think about FTX Pay integrating with Reddit’s Community Points program? Comment below and let us know how you feel about the subject.
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