Users on Reddit have expressed an interest in creating a DAO to buy the platform once it lists itself as an IPO.
The idea of creating a decentralized autonomous organization (DAO) for Reddit was suggested by a user called Sniff_RawMeat after getting inspired by an earlier post highlighting Reddit's interest in listing itself as an initial public offering.
Reddit recently announced its plan to list itself as an IPO. It has registered a draft with the US Securities and Exchange Commission (SEC) to accelerate its related proceedings.
Redditors Want To Buy Reddit
Redditor u/Sniff_RawMeat expressed how the majority of users on Reddit can purchase community stocks of Reddit once it enlists itself as an IPO. It now has over 3000 upvotes.
Referencing the ConstitutionDAO - a DAO that raised $47m to buy the US Constitution - they said RedditDAO could do something similar. "A RedditDAO could attempt a similar feat, but instead of buying an artifact, we could buy a controlling share of Reddit," they said.
"We could all have a voice on the board of a publically traded company. We would be able to influence strategic and operational changes that impact Reddit users.
"Instead of being at the whims of management, we could become a part of management."
Of course, the user did note this is somewhat of a joke, but still an interesting proposal.
Other community members expressed keen interest in purchasing a stake in Reddit once it lists itself as an IPO.
"Surely we can’t make Reddit any worse right?" one user said.
The Redditor further stated that by creating a DAO for Reddit, users can safeguard the site from "potential harmful policies".
What is a Decentralized Autonomous Exchange?
A Decentralized Autonomous Organization is a governance model where an institution is ruled by blockchain-based governance tokens instead of people.
Any person who owns these tokens possesses the power to make critical decisions about the organization and become an essential part of the organization's administrative proceedings.
A person who holds these tokens is also given a chance to vote on critical matters related to the organization's administration. They can then implement collaborative measures to expand the institution's activities to new executive levels.
[image by Brett Jordan Via Unsplash]