Reddit is introducing its own cryptocurrency.
Known simply as “Reddit Notes,” the company hired BitPay developer Ryan Charles back in September of this year to serve as Reddit’s new “cryptocurrency engineer” and assist in the currency’s integration.
While Reddit Notes will not be available to users for some time, the social networking service is holding a special lottery in celebration of the digital currency’s birth, saying that it will give away a hefty amount to various loyal site users. The company announced in a blog post last month:
“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.”
Former Reddit CEO Yishan also mentioned in an October post:
“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.”
