The founder of the upcoming bitcoin-powered social media platform Datt has released an overview of how the site will use cryptocurrency as an incentive to post content, an idea he claims bubbled up at Reddit last year. Ryan X. Charles caused a bit of a stir when he debuted the idea of Datt, a decentralized content sharing system at late October’s San Francisco Bitcoin Meetup. Datt will have an invite-only private launch this month with a public launch tentatively scheduled for March.
The network will be similar to Reddit in several ways — allowing users to follow each other, for instance — but the main difference is that their is money at stake. Cryptocurrency will replace upvotes.
Charles isn’t taking credit for the idea. He claims Reddit had plans to decentralize itself, stating in a July post on Medium that when he worked for the company as a cryptocurrency engineer, his job was to come up with a recipe for a similar dish for then-Ceo Yishan Wong.
Charles explains the payment system he devised:
The way a decentralized reddit works is like this. Each user has an app, the reddit app, which connects to the reddit p2p