The alliance contemplates the use of FTX Pay as a mechanism for users of Reddit make use of their community points. Let’s keep in mind that these operate in the network of Arbitrum, the second layer solution that operates on the Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. de Ethereum.
- Reddit y FTX partnership for the use of community points is finalized
- Use will be made of FTX Pay
- The community points are a reputational measure in Reddit
- These points operate on the network of Arbitrum
The social network and online forum giant, Reddit, revealed an alliance with the international exchange FTX to integrate their community points through the payment solution managed by the platform.
Alliance between FTX y Reddit
According to a communiqué published by the responsible companies , la medida estará disponible para EE.UU., la Unión Europea, Australia y otros mercados, y para ellos se hará uso de FTX Pay as a solution that allows interested parties to make use of Reddit’s community points.
In this regard, the statement reads:
“Community points Reddit’s Reddit boards are a measure of reputation in communities of users. In subreddits, they are displayed next to usernames, so the top contributors in the community stand out from the crowd. Because the community points are on the Arbitrum Nova Blockchain, users can carry their reputation anywhere they are recognized on the Internet. The FTX Pay integration allows users to purchase Ether the form of payment used in the operation of the distribution application platform, Ethereum. cryptocurrencies from compatible Reddit apps, which can then be used to pay network a network refers to all nodes in the operation of a blockchain at any given moment in time. fees for their community point transactions.”
As they report in the release, Reddit’s community spots work via the Blockchain de Arbitrum, a second layer solution that operates on Ethereum, which seeks to improve aspects such as scalability, speed and cost per operation by taking advantage of the computational power present in the main layer of the network.
On the alliance in question, the CEO of FTX, Sam Bankman-Fried, noted:
“We are excited to partner with Reddit to continue their work to empower online communities to harness the power of Blockchain networks. FTX Pay’s exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. and payment infrastructure integrates with Reddit’s community points, making the customer experience a more seamless process.”
Community points in Reddit
Previously known as “Karma”, the now called community points are an initiative by Reddit for involving the use of Blockchain within their service dynamic. These function primarily as a measure of reputation for community members, and can be used to access premium features.
This initiative was officially presented in May 2020, and since then they have been adding announcements on the subject. In July 2021, it indicated that the solution would operate over Arbitrum, which would help to reduce the costs of GAS a term used on the Ethereum platform that refers to a unit of measuring the computational effort of conducting transactions or smart contracts, or launch DApps in the Ethereum network. It is the “fuel” of the Ethereum network. *see Gas Limit and Gas Price. for the associated operations.
Among other initiatives involving Blockchain, recently Reddit integrated a platform a place to buy, sell and store cryptocurrency for avatar trading NFT, which operates on Polygon and began with a collection of 90 works.
The announcement also comes just a few days before the Offchain Labs announced the launch of the network Arbitrum Nova, the second Blockchain on the ecosystem of Arbitrum, designed specifically to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. social apps and web-based games3.
- Reddit está lanzando un mercado de avatares NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility.
- Reddit, another social network working to add support for NFTs non-fungible token, a unique non-interchangeable piece of digital content that is stored on a distributed ledger (blockchain).
- Desarrollador de Reddit revela planes para tokenizar puntos de karma otorgados a los usuarios de la red social
Reporte de Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash