FTX has announced that its FTX Pay infrastructure has been integrated with Reddit’s Community Point system, a social media and news aggregation forum. This integration is being rolled out in the US, EU, Australia, and other countries around the world. FTX Pay will also join Infura, P2P, Google Cloud, and other companies and projects to create a new Data Access Committee (DAC) for Offchain Labs’ new chain, Arbitrum Nova.
FTX Pay supports Reddit’s community points system, Web2 and Web3 companies form Data Availability Committee
On August 9, crypto companyFTX revealed that FTX Pay will be supported by Reddit’s Community Pointssystem to be supported; Bitcoin.com News reported that Reddit will introduce an Ethereum-based Community Points beta program in December 2021.
Prior to the beta launch, Reddit revealed that the points program will use Ethereum’s scaling solution Arbitrum; Reddit’s Community Points project will use Offchain Labs’ new chain, Arbitrum Nova, and FTX explains that FTX Pay’s “payment and redemption infrastructure” is integrated with Reddit’s encrypted system.
FTX elaborates that because ofReddit’s community pointsuse Arbitrum Nova.” Users can take their reputation anywhere they are recognized on the Internet.” “With the FTX Pay integration, users can purchase [Ethereum] from supported Reddit apps and then use it to pay on-chain blockchain network fees for Community Point transactions.” FTX added.
In addition to FTX Pay’s integration with Reddit’s crypto points system, the company has formed a new Data Availability Committee (DAC) that includes Infura, Offchain Labs, Reddit, Google Cloud, P2P, Quicknode and other Web2 and Web3 participants. Consensys, an Infura companyalso revealed information about the DAC on Tuesday, publishing ablog postthat explains what the DAC is and how it works.
“The committee functions by assuming at least two honest members to protect the funds.” Infura’s blog post noted.” By placing six members on the DAC to increase the difficulty of undermining the consensus of verification, Arbitrum Nova users benefit from a very secure system, since not a single member is a single point of failure.”
As for the FTX Pay integration, FTX CEO Sam Bankman-Fried said the crypto company is looking forward to working with popular forum site Reddit.” We are excited to partner with Reddit to continue their work to enhance online communities to harness the power of blockchain,” Bankman-Fried said in a statement Tuesday.
In the United States, Reddit is the seventh most visited website, and globally, the forum site ranks as the eighth most visited website (according toresearch), according to June 2022 statistics. Reddit also has about 52 million daily active users and 2.8 million subreddits,according to the 2021 indexrecorded by oberlo.com.
“We are constantly working to enhance our community and introduce new ways to use Reddit, and decentralized, self-sustaining blockchain technology makes that possible.” Reddit staff software engineer Niraj Sheth said Tuesday.” By working with FTX, we can do this at scale.”
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