Reddit has unveiled the much anticipated native cryptocurrency for its platform: reddit notes.
The link sharing forum did not share many technical details about the currency such as hashing algorithm, block times or total circulation, and it sounds like these details have yet to be determined.
The announcement focused more on the currency’s goals and community aspects. These were addressed in thousands of ideas submitted since the concept was first announced in September and include “donating to charities, to crowdfunding community-sourced projects [and] customized ‘thank you’s’ for individual contributions to reddit.”
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The highlight of the announcement was the upcoming lottery for 950,000 reddit notes to be given away during the fall in 2015. As there are more users than there are notes, the lottery will determine who receives. Eligible recipients will be determined based on reddit activity prior to September 30 of this year, when the initiative was first announced.
It will also be interesting how the new currency fits into an economy that already supports bitcoin tipping through ChangeTip, which has seen increasing adoption. Ryan X. Charles, reddit’s new cryptocurrency engineer, also said that bitcoin and reddit were a “perfect match” and expressed openness to other digital currencies.
More information will be shared via the new subreddit, r/redditnotes. In addition to technical details, the company still needs to work out how reddit notes “will work within existing government regulations.”