Reddit CEO discussing "Reddit but with digital currency" AKA Steemit
Some interesting quotes from Reddit CEO Steve Huffman in a recent fireside chat (digital currency discussion starts at 16:00 in video below):
"Can we give monetary value back to users who are creating value for us? We're a for-profit company so we don't have money to give away, but we're trying to figure it out."
"We made a promise to our community to figure out a way to give value back and we do want to uphold our promise when we're in a financial position to do so."
It sounds like someone needs to tell Steve about Steem. Adopting a protocol like Steem would allow Reddit to give value back to users without actually needing lots of capital to give (because the money comes from the blockchain).
There will be hurdles to get big communities like Reddit onboard (mainly confidence in the curation system and comfort in the distribution of STEEM) and there's a long way to go but something like STEEM certainly makes sense for these guys.
Really great pull, thanks @ntomario .
Thanks. Additional thought - what prevents Reddit from forking codebase and building a new points-system protocol native to their platform? Their big hesitation with using the current STEEM is that they don't want the current whales having so much power on Reddit - building their own would mitigate that risk.
I believe Steemit has a strong early bird advantage on this new concept of blockchain-based networks. If we manage to scale nicely in the coming weeks, guys like Steve will come and try to buy the company...
Steemit the company and Steem the protocol are two different things just like Coinbase the company and Bitcoin the protocol are two different things.
Its unlikely Reddit would buy Steemit anytime soon, but more likely they would adopt the protocol. With 250M MAUs, they have a huge network effect advantage, though they are missing the ability to empower and reward users. That's something that utilizing the Steem protocol can offer them and they can do that for free (all it would take is dev work).
Thank for information
I agree it makes sense for them, but what would be the possible implementation? I don't know how they could go to a blockchain type base from what it is now. Wouldn't that in essence change the entire platform or remove the reddit from reddit?
It would be very difficult for them to do. They might have to buy a bunch of STEEM to bootstrap it. But it would be cheaper and make more sense long-term than any other solution I can think of.
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