It seems like theres a cryptocurrency for everything these days, so why not Reddit? The social news site, which calls itself the front page of the internet, has just raised $50 million in venture capital based on a total valuation of $500 million. Reddit CEO Yishan Wong says that 10% of that money is earmarked for the Reddit community itself. As for how to distribute the shares, Reddit is looking at creating its own cryptocurrency similar to Bitcoin, but hopefully more long-lived than Coinye.
With existing cryptocurrencies, users can mine more units of the currency by running increasingly difficult computations on computer hardware. This proof of work entitles them to a certain share of new coins when they are created. In some cases, this computation also works to keep the transaction records in sync so coins cant be spent more than once. Reddits cryptocurrency, however, will be backed by the allocated shares of Reddit.
If this plan is actually put into action, each share would presumably be sliced up into smaller pieces represented by a snippet of code handed out to members of the community. It is unclear how it would be distributed the Reddit user base is vast and many people have multiple accounts. Whoever is granted their own sliver of Reddit could use that Redditcoin however they like sell it, trade it, give it away, or hide it and watch as it appreciates in value.
There are still plenty of legal and logistical challenges standing in the way of making Redditcoins a reality. Its possible the idea will fall apart, but investors did agree to the plan in theory when handing their money over to Reddit. If this doesnt work, Reddit will find another way to give shares of Reddit to the community.If it works, they would be crazy not to call it Reddit Gold, which is the optional premium version of Reddit.
Now read:The best porn and gore of Reddit
Go here to read the rest:
Reddit is planning its own cryptocurrency to give users part ownership of the site
- Crypto()Currency - CryptoCurrency.org [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Cryptocurrency - Wikipedia, the free encyclopedia [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- TNW - Stefan Molyneux - Money, Power and Politics The Cryptocurrency Revolution - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- How to Set Up a Ripple (CryptoCurrency) Generating System! - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Bitcoin / Cryptocurrency - An Extensive FAQ - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- --- The Great Debate --- Bitcoin vs Altcoin @ The CryptoCurrency Convention 4/9/14 - - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Bryce Weiner @ CryptoCurrency Convention 4/9/14 - - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Popularcoin @ CryptoCurrency Convention 4/9/14 - Joshua Nold - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- TimeKoin @ CryptoCurrency Convention 4/9/14 - Michael Brown - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Infinitecoin @ CryptoCurrency Convention 4/9/14 - Loring Small - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Bitcoin Exchange CryptoRush Loses Millions of BlackCoin Cryptocurrency - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Brock Pierce, Entrepreneur "FireSide Chat" @ CryptoCurrency Convention NYC - 4/9/14 - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- [OFFICIAL SPONSOR] Nick Spanos, Bitcoin Center NYC @ CryptoCurrency Convention 4/9/14 - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- AuroraCoin @ CryptoCurrency Convention NYC 4/9/14 - David Lio - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Dogecoin Founder Speaks on the Future of Cryptocurrency [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- As Bitcoin Soars in Value, Alternative Cryptocurrencies ... [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- Florincoin @ CryptoCurrency Convention NYC 4/9/14 - Joe Fiscella - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- DigiByte @ CryptoCurrency Convention NYC 4/9/14 - Jared Tate - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- Digitalcoin @ CryptoCurrency Convention NYC 4/9/14 - Andrew Davidson - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- PotCoin @ CryptoCurrency Convention NYC 4/9/14 - Nick Iversen - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- ZenithCoin @ CryptoCurrency Convention NYC 4/9/14 - Eddie Corral - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- BitAngels Co-Founder, David Johnson @ CryptoCurrency Convention NYC 4/9/14 - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- Australian dogecoin founder speaks on the future of cryptocurrency [Last Updated On: April 28th, 2014] [Originally Added On: April 28th, 2014]
- Coinnext Cryptocurrency Exchange Coming Soon - Video [Last Updated On: April 29th, 2014] [Originally Added On: April 29th, 2014]
- Cryptocurrency News Round-Up: MtGox Hearing Begins as Bitcoin gets Bloomberg Endorsement [Last Updated On: May 1st, 2014] [Originally Added On: May 1st, 2014]
- mTrader.org - Cryptocurrency Mining System - Video [Last Updated On: May 1st, 2014] [Originally Added On: May 1st, 2014]
- CryptoCurrency - cryptobars commodity Launch! - Video [Last Updated On: May 1st, 2014] [Originally Added On: May 1st, 2014]
- The Mises View: "Taxing Cryptocurrency" | Jeff Deist - Video [Last Updated On: May 2nd, 2014] [Originally Added On: May 2nd, 2014]
- Coin Pursuit Launches SliceFeeds Interactive Cryptocurrency Network [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- Cryptocurrency | Ground Zero with Clyde Lewis [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- CS 171 Final Project: Cryptocurrency Visualizations - Video [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- Cryptocurrency Explained The Tech Guy 1046 - Video [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- Know How 74 Cryptocurrency - Video [Last Updated On: May 4th, 2014] [Originally Added On: May 4th, 2014]
- MIT undergrads will each receive $100 in bitcoin [Last Updated On: May 5th, 2014] [Originally Added On: May 5th, 2014]
- cryptocurrency - Fortune Finance: Hedge Funds, Markets ... [Last Updated On: May 8th, 2014] [Originally Added On: May 8th, 2014]
- Bitcoin wins US election panel's approval for political donations [Last Updated On: May 9th, 2014] [Originally Added On: May 9th, 2014]
- CryptoCurrency of the World Unite! - Video [Last Updated On: May 9th, 2014] [Originally Added On: May 9th, 2014]
- Major Dogecoin Wallet Hacked, Shut Down [Last Updated On: May 13th, 2014] [Originally Added On: May 13th, 2014]
- Such hack, much sad: Doge Vault reportedly loses $56,000 in heist [Last Updated On: May 13th, 2014] [Originally Added On: May 13th, 2014]
- BBT Presents: Ode to Cryptocurrency - Video [Last Updated On: May 13th, 2014] [Originally Added On: May 13th, 2014]
- Scryptify Cryptocurrency Video - Crypto Currency Exchanges - Video [Last Updated On: May 13th, 2014] [Originally Added On: May 13th, 2014]
- AMD cuts Radeon R9 280 price as inflation woes die down [Last Updated On: May 15th, 2014] [Originally Added On: May 15th, 2014]
- The Cryptocurrency Certification Consortium - Video [Last Updated On: May 15th, 2014] [Originally Added On: May 15th, 2014]
- Bitpagar Cryptocurrency - Video [Last Updated On: May 16th, 2014] [Originally Added On: May 16th, 2014]
- TagPro - Cryptocurrency Juke Session w/ LTB & Counterpary - Video [Last Updated On: May 16th, 2014] [Originally Added On: May 16th, 2014]
- How to Mine Cryptocurrency Safely - Video [Last Updated On: May 16th, 2014] [Originally Added On: May 16th, 2014]
- Bunnycoin - Innovative New Cryptocurrency - Video [Last Updated On: May 16th, 2014] [Originally Added On: May 16th, 2014]
- Jan Irvin on Learning, Statism, Culture, Cryptocurrency and Voluntarism -- Potent News Podcast #1 - Video [Last Updated On: May 16th, 2014] [Originally Added On: May 16th, 2014]
- Nxt cryptocurrency platform: Proof of Stake mining system - Video [Last Updated On: May 18th, 2014] [Originally Added On: May 18th, 2014]
- Cryptocurrency Round-Up: Darkcoin Rise Continues; Dogecoin Saved My Life & Bitcoin Explainer Videos [Last Updated On: May 19th, 2014] [Originally Added On: May 19th, 2014]
- Givecoin.info Announces Partnership with Do A Bit of Good: World's First Charitable Mining Screensaver [Last Updated On: May 21st, 2014] [Originally Added On: May 21st, 2014]
- Cryptocurrency: Get Mining! - Video [Last Updated On: May 22nd, 2014] [Originally Added On: May 22nd, 2014]
- Violincoin - The first cryptocurrency for musician - - Video [Last Updated On: May 22nd, 2014] [Originally Added On: May 22nd, 2014]
- Trollcoin - The Fun Cryptocurrency! - Video [Last Updated On: May 22nd, 2014] [Originally Added On: May 22nd, 2014]
- Cryptocurrency and Nonprofits with Eric Nakagawa - Video [Last Updated On: May 23rd, 2014] [Originally Added On: May 23rd, 2014]
- The Cryptocurrency Store - Video [Last Updated On: May 23rd, 2014] [Originally Added On: May 23rd, 2014]
- The Cryptocurrency Store (Spanish/Espagnol) - Video [Last Updated On: May 23rd, 2014] [Originally Added On: May 23rd, 2014]
- How To Trade CryptoCurrency: Sign up to a safe and reliable exchange for trading CryptoCurrency - Video [Last Updated On: May 23rd, 2014] [Originally Added On: May 23rd, 2014]
- UT students to launch cryptocurrency exchange [Last Updated On: May 24th, 2014] [Originally Added On: May 24th, 2014]
- Videoconferencia Cryptocurrency 201243946 - Video [Last Updated On: May 27th, 2014] [Originally Added On: May 27th, 2014]
- VideoCharla Jesus Ramos Cryptocurrency - Video [Last Updated On: May 27th, 2014] [Originally Added On: May 27th, 2014]
- Cryptocurrency Round-Up: Bitcoin Pioneer Dies and Digital Currency's Status in Australia [Last Updated On: August 31st, 2014] [Originally Added On: August 31st, 2014]
- Bitcoin enthusiasts discuss the cryptocurrency - Video [Last Updated On: August 31st, 2014] [Originally Added On: August 31st, 2014]
- Make Fast 1.0 up to 10.00 BTC or Any Cryptocurrency REAL CASH - Video [Last Updated On: August 31st, 2014] [Originally Added On: August 31st, 2014]
- Halcyon cryptocurrency - Video [Last Updated On: August 31st, 2014] [Originally Added On: August 31st, 2014]
- Selling products / services / fiat money for cryptocurrency - Coinkite PoS Terminal - Video [Last Updated On: August 31st, 2014] [Originally Added On: August 31st, 2014]
- Selling cryptocurrency to customers - Coinkite PoS Terminal - Video [Last Updated On: August 31st, 2014] [Originally Added On: August 31st, 2014]
- Cryptocurrency Made Simple - A Plain English Guide to Bitcoins [Last Updated On: September 8th, 2014] [Originally Added On: September 8th, 2014]
- PotatoCoin - The cryptocurrency for the third world - Video [Last Updated On: September 8th, 2014] [Originally Added On: September 8th, 2014]
- How To Trade One Kind Of Cryptocurrency For A Different Kind Of Cryptocurrency - Video [Last Updated On: September 8th, 2014] [Originally Added On: September 8th, 2014]
- How To Fund Your Bleutrade Cryptocurrency Trading Account - Video [Last Updated On: September 8th, 2014] [Originally Added On: September 8th, 2014]
- How To Open An Account At Bleutrade.com Cryptocurrency Exchange - Video [Last Updated On: September 8th, 2014] [Originally Added On: September 8th, 2014]
- Cryptocurrency Round-Up: Apple Pay Boosts Bitcoin, Nakamoto Negotiates With Hacker [Last Updated On: September 11th, 2014] [Originally Added On: September 11th, 2014]
- Qoinpro Cryptocurrency Faucet ok - Video [Last Updated On: September 12th, 2014] [Originally Added On: September 12th, 2014]
- Weekly Roundup - CEX.IO - Multi-Functional cryptocurrency exchange - Video [Last Updated On: September 12th, 2014] [Originally Added On: September 12th, 2014]
- TCR #27: Cryptocurrency growth, 9/11 Anniversary, CDC Scandal, Face Your Fears - Video [Last Updated On: September 12th, 2014] [Originally Added On: September 12th, 2014]
- VanosEnigmA 011 Bitcoin-Comedy BitcoinDog CryptoCurrency-Cat Naughty - Video [Last Updated On: September 15th, 2014] [Originally Added On: September 15th, 2014]
- WikiLeaks Avoided Bitcoin to Prevent Government 'Destroying' Cryptocurrency [Last Updated On: September 16th, 2014] [Originally Added On: September 16th, 2014]
- LXC Coin crowdfunds in challenge to Bitcoin [Last Updated On: September 16th, 2014] [Originally Added On: September 16th, 2014]
- Why Bitcoin Is Poised To Win Big In Las Vegas [Last Updated On: September 19th, 2014] [Originally Added On: September 19th, 2014]