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- Vitalik Buterin commends Reddit’s “contributor ownership” initiative.
- Reddit invites only U.S. residents to participate in the IPO.
- Buterin believed these limitations were caused by the regulations.
In a recent post on the decentralized social network Warpcast, Ethereum Co-Founder Vitalik Buterin discussed his disappointment regarding Reddit’s upcoming IPO and user ownership initiative. However, Buterin appreciated Reddit’s experimentation with “contributor ownership.”
Reddit shared the IPO details, inviting eligible users who have contributed to Reddit to take part in their IPO. Interestingly, the letter highlighted that only U.S. residents are allowed to take part in the IPO. The letter stated,
We’re offering a Directed Share Program (“DSP”) that invites eligible users and moderators who have contributed to Reddit to participate in our initial public offering (“IPO”). (Including you!)
Moreover, Reddit added that to show gratitude for the Reddit users who “have helped make Reddit what it is today,” users can become Reddit owners “at the same price as institutional investors.”
Acknowledging Reddit’s efforts towards “contributor ownership,” Buterin highlighted the similarity of community involvement and user empowerment with the cryptocurrency world. However, Ethereum’s co-founder, talking about the U.S. residency criteria, said, “This is totally the fault of regulation and not Reddit themselves, but this made me sad.” He concluded by saying, “This is why we crypto.”
The founder of Ethereum often reviews and writes about noteworthy cryptocurrency projects in his articles. Our team at Coin Edition has compiled a list of five cryptocurrencies that Buterin has praised and recommended following in 2024. These include Worldcoin (WLD), BitTensor (TAO), Farcaster, StarkNet (STRK), and Ethereum Name Service (ENS).
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