Arbitrum, an Ethereum layer2 scaling solution, has launched a second chain built on AnyTrust Technology dubbed “Arbitrum Nova.” Reddit will use the new chain to enhance its blockchain-based Community Points rewards program for users.
Arbitrum Nova Goes Live
According to the announcement by the project developer, Offchain Labs, Nova is now available to all end-users and developers.
While Arbitrum One is designed for non-fungible tokens (NFTs) and decentralized finance (DeFi) projects, the newly-launched chain Nova is optimized for social applications and gaming projects.
Offchain Labs noted that Nova will provide gaming and social projects that launch on it with high transaction volumes, lower gas fees, and high security. The developer said the new chain was built to serve as a scaling solution for Web3 gaming and social applications.
“The launch of Arbitrum Nova marks a major milestone for the Arbitrum ecosystem. The high scalability and ultra low-cost transaction fees of Arbitrum Nova open developers to a new world of possibilities when building on Ethereum. We look forward to continually optimizing and improving Nova to drive costs down even further,” Steven Goldfeder, co-founder and CEO, Offchain Labs, said in a statement.
Reddit Launches Community Points on Nova
Offchain Labs also revealed that as one of the inaugural members, Reddit will be using Nova to enhance its blockchain-based Community Points rewards program, starting with two communities.
Community Points is a blockchain-based program that allows Reddit users to earn points by contributing to the community.
Reddit launched the program in 2020 and has since been in development. Both Reddit and Offchain Labs have been working closely since last year on the creation of a separate blockchain for storing users’ tokenized community points.
“Reddit’s journey, from bakeoff to mainnet deployment, underscores our belief that the Arbitrum technical stack is the best scaling solution for developers, not just in Ethereum, but in the entire blockchain space,” Offchain Labs said.
Other inaugural members that will be launching on the new chain include several Google Cloud, Reddit, FTX, Consensys, P2P, and QuickNode.
Source: https://coinfomania.com/arbitrum-launches-new-nova-network-with-reddit-support/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=arbitrum-launches-new-nova-network-with-reddit-support