Reddit to share equity with readers with launch of lottery system Reddit Notes
Reddit has unveiled plans to give equity to the site’s readers, after securing $50m in outside funding last year, with a new kind of internal lottery called Reddit Notes.
The content-sharing platform, which pledged it would share some of its equity after securing the funding pot last September, has now revealed it will do so by hosting a random lottery.
This will see it give away 950,000 notes to share among active users. They can then deposit the notes into a virtual wallet, which they can later access.
“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,” the company said in a statement.
At the time it said it would look to give away 10 per cent of its shares back to the community.
The details of how Reddit Notes and the lottery will work are still being fine tuned, and will be revealed early next year.
“We're still working out details on both the technological and legal aspects of the project, especially regarding how reddit notes will work within existing government regulations,” the statement read.
Reddit Notes is the culmination of weeks of crows-sourcing ideas from its reader community as to how it could deliver on its previous promise. The company said “thousands” of people participated.