Back in September, Reddit announced a new $50 million round of funding, but what raised the eyebrows of many redditors and crypto-geeks alike was its plans to distribute 10 percent, or $5 million, of that funding round back to the community.
Reddit finally gave some, albeit vague, details Friday on how it plans to actually do that. According to the announcement, new Reddit Notes will be awarded in a random lottery to 950,000 users in the fall of 2015 — a much smaller number than the Reddit user base.
Eligibility for the Reddit Notes will also be determined by “activity” on the site before September 30, 2014 (the date they announced the funding), so late-comers can’t get in on the action now. And even if you are eligible, the Notes won’t be distributed until fall 2015.
To accompany the blog post, Reddit created an explanatory graphic of…
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