reddit notes

[ryanxcharles]

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reddit has announced a new project, "reddit notes", which will be a
decentralized digital asset. It is "backed by", although may not be
exchangeable for reddit shares. The technical and legal components are TBD.
However, it will be based on blockchain technology and will probably take the
form of colored coins or an asset on sidechain.

Announcement: http://www.redditblog.com/2014/12/announcing-reddit-notes.html

reddit thread:
https://www.reddit.com/r/blog/comments/2pt25f/announcing_reddit_notes/

This thread on Bitcoin Talk will contain important updates about the project
relevant to the bitcoin community.

I am Ryan X. Charles and have already verified my identity on keybase.io. My
newly registered username on Bitcoin Talk is ryanxcharles.

keybase.io/ryanxcharles
github.com/ryanxcharles
twitter.com/ryanxcharles
reddit.com/u/ryancarnated

This message was signed on December 19, 2014.
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[cloverme]

People have been trying to get the concept of the colored coins for sometime, the market really doesn't seem to want to adopt them though.  I think they should try an already established alt-coin and then fork any new blockchain developments. Kind of a bummer if they go that route.

[amincd]

This is really exciting. Reddit's commitment to staying on the cutting edge of internet technology is impressive.

I think they should try an already established alt-coin and then fork any new blockchain developments. Kind of a bummer if they go that route.

Colored coin wallet software has really come a long way over the last year so I do think it's the right platform for Reddit notes (that or a side chain). Either way, integrating with Bitcoin makes it more useful than starting some altcoin.

[reRaise]

Interesting, good choice on building it on the bitcoin protocol. There are some innovative service layers on top of Bitcoin lately coming out like reddit notes, gems, storj making real attempts on being consumer friendly and getting people into the Bitcoin ecosystem.

[Aquent]

It is "backed by", although may not be exchangeable for reddit shares.

I understand there may be legal issues, but I am very curious as to how they can be backed by shares, but not be exchangeable for shares? I am not a legal expert, but I really hope that there is some legal difference between simply giving out shares for free as reddit is doing, and raising capital through issuing shares which is what companies usually do. It may well be the case, and I really hope it is, that you can simply give away shares, where no monetary value is required in return, without crossing any regulatory issues. If so, then reddit would be the very first company to harness the blockchain technology for this purpose which may have huge innovative benefits.

If that isn't possible, then the notes would either have a fixed value being whatever is given out to each user either directly or indirectly, thus making the whole process perhaps unnecessary, or it would be like any other "coin" without much difference, but the fact that reddit issued them.

So, I think everyone is excited to see if you guys can pull this off and be the first to use the blockchain to issue a backed floating asset, or whether we will be completely disappointed and have just another "coin" (I know it won't be an altcoin I am just using coin as a shortcut word).

No Pressure and thank you for keeping us updated and engaging with the reddit and cryptocurrency community.

[Kprawn]

They are still locked up, with the legal issues with this.

They jump rope, when they give answers regarding the actual value, it would have. They even said you will not be able to buy Reddit Gold with it.

So it might not even happen. 

[Istanbul34]

Please issue the asset on the NXT Asset Exchange.

It is the best out there at this moment. See examples;

coinmarketcap.com/assets/

[EvilDave]

I'm going to agree with Istanbul34 here: either issue an Asset on the NXT Asset Exchange system (coloured coin implementation, basically) or use the NXT Monetary System to issue a full crypto-currency based on the NXT blockchain (sidechains).

Monetary System is currently live on the NXT TestNet:
https://nxtforum.org/monetary-system/
https://nxtforum.org/nrs-releases/nrs-v1-4-2e/

So check it out, make your own currency.....

[xchrix]

NXT would be a perfect fit for this!

[google98]

I'm going to agree with Istanbul34 here: either issue an Asset on the NXT Asset Exchange system (coloured coin implementation, basically) or use the NXT Monetary System to issue a full crypto-currency based on the NXT blockchain (sidechains).

Monetary System is currently live on the NXT TestNet:
https://nxtforum.org/monetary-system/
https://nxtforum.org/nrs-releases/nrs-v1-4-2e/

So check it out, make your own currency.....

that would indeed make sense!
NXT Monetary System seems perfect for this task

[barbierir]

The Nxt's Monetary System is the perfect solution: it is a lot more easier to create, to distribute, to maintain and to secure than a do-it-yourself coin. I mean at least an order of magnitude easier! The MS should be ready by the end of january 2015 or earlier

For something closer to the colored coins idea there's the Asset Exchange already available, it has great volumes of trading and it has already been used for Nxttycoins and other projects

[visual111]

I would look into NXT. it's been up for over a year now and might be very suitable for your needs, especially once monetary system comes out

[crimi]

The Nxt asset exchange is probably the most used and tested crypto platform so far.

[ShroomsKit_Disgrace]

NXT blockchain: http://cointelegraph.com/news/113123/nxt-wants-to-be-a-digital-infrastructure-of-everything

[bitcoinpaul]

Nxt is also available via third party providers like mynxt.orginfo (the equivalent of blockchain.info). And they recently added the ability for developers to build their own plugins. Could be a nice opportunity.

http://cointelegraph.com/news/113156/nxt-wants-developers-to-unleash-apps-via-new-plug-in-store

[Lordoftherigs]

Is there any update on this ?

[mappum]

Is there any update on this ?

The project was canceled, and Ryan was let go from Reddit. 
http://www.reddit.com/r/Bitcoin/comments/2u4nv4/ryan_x_charles_on_twitter_i_was_just_let_go_from/

[Kprawn]

It is a pity.... This did sound as if it could be the next "hit" for reddit.

I think, people on their acctually collected tips for Ryan after they let him go. It's just another great idea being blocked by simple laws and legislation.

We tend to govern ourselves in such a manner to stop progress and innovation. 

[gmannnnn]

It is a pity.... This did sound as if it could be the next "hit" for reddit.

I think, people on their acctually collected tips for Ryan after they let him go. It's just another great idea being blocked by simple laws and legislation.

We tend to govern ourselves in such a manner to stop progress and innovation. 

 a real pity, was looking forward to how they would implement this. Their decision process seems quite eratic thb.

[mappum]

The CEO of Reddit who proposed Reddit Notes ended up quitting, so the leadership changed back to Alexis Ohanian. He's great, but I guess he wasn't too interested in Notes (and the Reddit Community outside of /r/bitcoin wasn't really either, anyway).