Union Square Ventures partner Albert Wenger has revealed plans to fund a new prize aimed to incentivize the creation of a blockchain-powered blogging platform.
Wenger had previously written of his idea for a blog without a central authority on his Tumblr channel. In the post, he raised concerns over monetary strategies as the blogging space becomes increasingly centralized.
In particular, he expressed concern that since his portfolio company Tumblr had been acquired by Yahoo, which was in turn acquired by Verizon earlier this year, he might lose control over important features and be forced to accept ads he hadn't agreed to.
This is the second time this week that a well-known investor has revealed his intentions to launch a blockchain prize for developers. On Wednesday, AngelList founder Naval Ravikant confirmed he would fund a competition to build a decentralized Twitter, also using the Blockstack developer kit.
And signs suggest this may be the start of a larger trend to boost development on the Blockstack platform, as sources have told CoinDesk that more prizes may be in the works.
Still, comments by those close to the activities suggest plans may be in early stages.
Blockstack co-founder Muneeb Ali told CoinDesk:
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has ownership stakes in Blockstack and Protocol Labs.
Albert Wenger image via CoinDesk archives
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.