Back in September, reddit announced that it raised a $50 Million round of funding. At the time, then-CEO Yishan Wong said reddit was thinking about creating a cryptocurrency and making it backed by those shares of the company, and then distributing it to the community.
In the months that have passed, they’ve been trying to figure out how best to give back to the community, even as Wong has departed the company. Today, reddit announced reddit notes.
The company explains in a blog post:
A few weeks ago, we asked you what you thought would be the best ways for us to follow through on the promise. Thank you to the thousands of you who participated. You shared with us a variety of creative ideas – from donating to charities, to crowdfunding community-sourced projects, to customized “thank yous” for individual contributions to reddit.
Well, we took these ideas and we’ll be making them a reality in the form of something we’re calling reddit notes. We’ve made progress on the specifics, and we’re finally able to share with you more of how reddit notes will roll out!
To celebrate all of you and your contributions, we plan to give away reddit notes in a random lottery. As of this point, it looks like we’re going to have approximately 950,000 reddit notes to divide among active user accounts. There aren’t as many reddit notes as there are accounts, so if you get one, lucky you! Eligible recipients of reddit notes will be determined based on activities before 9/30/14 (when we first announced this project), and we plan to give them away in the fall of 2015.
Reddit says it’s still working out details on both the technological and legal aspects reddit notes, but will share more info about it early in the new year. The subreddit is (obviously) r/redditnotes.
Image via reddit