FTX has announced that FTX Pay’s infrastructure has integrated with the social media and news aggregation forum Reddit’s Community Points system. The integration has been rolled out in the U.S., EU, Australia, and other countries worldwide. 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. EdaFace.com News reported on Reddit introducing an Ethereum-based Community Points beta program in December 2021.
Prior to the beta launch, Reddit revealed that it would use the Ethereum scaling solution Arbitrum for the points program. 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). The Consensys company Infura revealed information about the DAC on Tuesday as well, and published a blog post explaining what the DAC is and how it will work.
“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.
In the U.S., Reddit is the 7th most-visited website in the country and worldwide, the forum site ranks as the 8th most-visited website, according to June 2022 statistics. Reddit also has roughly 52 million daily active users and 2.8 million subreddits, according to 2021 metrics recorded by oberlo.com.
“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? Let us know what you think about this subject in the comments section below.
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