Daily Archives: October 2, 2014

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Playing online poker in the U.S. using cryptocurrency - Video

Reddit is considering creating a cryptocurrency backed by shares of the company. These shares would then be redistributed back to the community in recognition of the role it has played in the sites success.

Or that at least is the plan for some of the $50 million the company raised in funding from a group of investors that include Sam Altman, president of Y Combinator, Alfred Lin of Sequoia Capital and Marc Andreessen of Andreessen Horowitz.

Other investors participating in the round, according to CEO Yishan Wongs blog post on the subject, include Peter Thiel, Ron Conway, Paul Buchheit, Jared Leto, Jessica Livingston, Kevin and Julia Hartz, Mariam Naficy, Josh Kushner, Snoop Dogg, and Yishan Wong.

The capital will be applied to a number of projects, Wong wrotethe company plans to hire more staff for product development, expand the community management team, build better moderation and community tools, work more closely with third party developers to expand its mobile offerings, improve the self-serve ad product, build out Redditgifts marketplace and invest in the infrastructure.

The investors also pledged to give back 10 percent of their shares to the community. In the comments section, Wong went into more detail about how that could occur.

We are thinking about creating a cryptocurrency and making it exchangeable (backed) by those shares of reddit, and then distributing the currency to the community. The investors have explicitly agreed to this in their investment terms.

Nothing like this has ever been done before. Basically we have to nail down how to do each step correctly (it is technically, legally, and financially complex), though in our brief consultation with an ex-SEC lawyer, he stated he could find nothing illegal about this plan. Nevertheless, there are something like 30 different things we have to pull off to make this work, so were going to try.

Wong freely acknowledges the plan could fail and if it does, its back to the drawing board for a plan to reward the community.

But it is unlikely Reddit would junk the entire project without salvaging something from it.

Last month Daily Dot noted that Reddit was seeking a cryptocurrency engineersomeone with a background in math or computer science to explore new technology applications and infrastructure involving the blockchain and cryptocurrency.

View original post here:
Reddit's Cryptocurrency Could Have Many Uses

Self-styled front page of the Internet site Reddit.com is flush with case all of a sudden, after confirimg a new $50 million funding round. Its a bucket-load of cash to be sure, but whats more interesting is that the site is promising as much as 10 percent of the amount will be shared with community members through the creation of a new cryptocurrency.

Reddit users do deserve a share of the spoils, for theyve helped make the site the huge success it is today. One thing its particularly good at is spotting Internet trends and news long before the mainstream media does, and of course its a great place to find things like stolen nude celebrity photos or hunt for terrorists.

Reddit CEO Yishan Wong wrote in a blog post that the investors have agreed to hand over 10 percent of their shares to community members, as part of the terms of the deal. However, it seems Reddit doesnt know exactly how its proposed cryptocurrency will work just yet. It could be that the cryptocurrency is used as a kind of ownership token of shares in the site a concept thats been proposed by several crypto 2.0 projects in the past.

Nor is Reddit the only company to announce a plan like this Overstock.com made a similar announcement last July.

Wong attempted to clarify things on the r/blog subreddit, saying that the idea is to create a special-purpose cryptocurrency backed by the values of shared created by this funding round. We are thinking about creating a cryptocurrency and making it exchangeable (backed) by those shares of reddit, and then distributing the currency to the community, wrote Wong. The investors have explicitly agreed to this in their investment terms.

Given the potential benefits for site users, Wong feels the idea is worth trying, although he warns that Reddit is currently just exploring the idea. CAVEAT: KEEP IN MIND THAT THIS PLAN COULD TOTALLY FAIL, he added in a later post.

As for the rest of the money, Reddit plans on using it to bolster its production development staff and community management teams, and to increase its mobile presence. Just this month, Reddit launched an official mobile app for its popular Ask Me Anything sessions, so we can expect to see more developments in this area.

See the rest here:
Reddit gets $50m funding, plans new cryptocurrency to share the wealth