Arbitrum currently operating two layer-2 solutions, Arbitrum One, which has been active since 2021, and Arbitrum Nova, the new platform that came out of beta and will be open to all users starting today. Arbitrum Nova is a network designed specifically for applications gaming and social networks, while maintaining the high level of security inherited from Ethereum.
A new dawn is upon us🌄— Arbitrum (@arbitrum) August 9, 2022
✨Arbitrum Nova is now live and open to the public ✨
Nova is a new chain built on the Arbitrum AnyTrust technology and optimized for social and gaming applications that require ultra-low fees and high securityhttps://t.co/4yAqe7PrRx
Reddit said it will rebuild their Community Points system on Arbitrum Nova, allowing social network users to develop more applications from there.
Arbitrum CEO Steven Goldfeder commented:
“One of the great things Reddit is doing with Community Points on Nova is making it a common network where anyone can deploy tokens, apps, and smart contracts.”
Community Points have been tested by Reddit since 2020, but only exist on testnet Rinkeby's Ethereum and then upload it to Arbitrum. Currently, only two Community Points have been created, namely MOON and BRICK for the two communities r/CryptoCurrency and r/FortniteBR, which rewards content creation and community engagement. Although they have no actual value, they are still traded between users.
Reddit revealed to be collaborating with FTX, ConsenSys, P2P and Quicknode to support new tokens on Arbitrum Nova.
Reddit users will be able to buy ETH directly from the FTX Pay app, then use it as gas for Community Points transactions.