Reddit Quietly Abandoned Its CryptocurrencyAdded: Wednesday, February 18th, 2015
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc
Social news website Reddit recently gave up its plans to create its own version of the Bitcoin cryptocurrency, firing its lead developer and dissolving the project. The project was launched five months ago as part of a fundraising round that raised $50m from VC firms: in fact, Redditcoin was a part of the plan by Reddit CEO to give part of the company’s equity back to users, with the investors proposing to give 10% of their shares back to the community.
4 months ago, Reddit advertised for a cryptocurrency engineer and hired developer Ryan X Charles from Bitcoin company BitPay. Reddit project sought to create a new cryptocurrency, backed by shares in Reddit and distributed to users of the website. The developer started to implement the Bitcoin software that was supposed to run in-browser and allow users of the website trade any coins, including Bitcoins, Dogecoins and Litecoins, directly through the site.
However, after two months, Reddit CEO resigned, and Charles was left leaderless at Reddit with no one to report. Apparently, nobody else supported the idea of launching the cryptocurrency service. As a result, the project was shut down and the developer got fired in only 4 months. After leaving, Ryan Charles said that cryptocurrency would surely return to Reddit in the coming years. One of the Reddit’s cofounders also thinks so. He said Reddit would be issuing Redditnotes later. Apparently, the research made by the company led it to wait until the law and technology around cryptocurrency were further along before continuing the project. Reddit’s cofounder claimed the company wanted to make sure it is able to give the community the full value of the equity when they receive it in the future.
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Wednesday, February 18th, 2015No comments
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