After securing $50 million in outside funding back in September, Reddit had promised it would find a way to let the community own 10 percent of those shares. Today, it is revealing some details as to how: Reddit Notes.
Details are still vague, but Reddit will host a random lottery to give away around 950,000 notes to divide among active users. They will then be able to deposit their notes into a virtual wallet, after which they can use the funds to “tip, donate or trade.”
Reddit Notes started taking shape after listening to thousands of requests from users and considering some ideas of its own. The company notes its still working out the kinks – such as how the plan will work under government regulations – and plans to start handing out the notes in fall of 2015.