Prior today, Reddit presented on its blog and declared the “Reddit notes,” the name of the hotly anticipated Reddit cryptocurrency. Reddit as of late shut a $50 million USD financing round headed by Sam Altman, Marc Andreessen of Andreessen Horowitz, and Alfred Lin of Sequoia Capital. Before long, Reddit proclaimed their arrangements to “impart” 10% of the value raised with the dedicated clients of Reddit, without whom the trusts couldn’t have been raised.
To help with their new cryptocurrency, Reddit posted a vocation commercial for a “cryptocurrency architect” and immediately enlisted Bitpay designer Ryan Charles back in September. In his first official Reddit blog entry, Reddit’s new cryptocurrency designer indicated at potential uses that Reddit may have for a piece chain, expressing:
Bitcoin engineering will at last get to be basic to reddit.
Introductory Reddit Notes Distribution
Reddit Notes won’t be given out for a long while, as advancement is by all accounts in a theoretical stage. Nonetheless, Reddit’s introductory responsibility to convey their creation to clients has stayed solid. A month ago, the Reddit group was asked (genuinely) about what they thought the 10% ought to be utilized for. The post clarified:
To praise every one of you and your commitments, we want to dole out reddit notes in an arbitrary lottery. As of this point, it would appear that we’re going to have pretty nearly 950,000 reddit notes to gap among dynamic client accounts. There aren’t the same number of reddit notes as there are records, so on the off chance that you get one, lucky you! Qualified beneficiaries of reddit notes will be dead set focused around exercises before 9/30/14 (when we initially reported this venture), and we want to dole them out in the fall of 2015.
Regardless we’re working out points of interest on both the innovative and legitimate parts of the task, particularly in regards to how reddit notes will function inside existing government regulations. We anticipate imparting that data to you ahead of schedule one year from now. On the off chance that you have criticism or thoughts for us, don’t hesitate to visit/r/redditnotes – and continue being wonderful!
As previous Reddit CEO Yishan remarked in October:
Again, we want to emphasize that this plan is in its earliest stages right now and could totally fail (if it does, we will find another way to get the shares to the community somehow), but we are going to try it because… well, because we are reddit and we do these kinds of things.