Fred Wilson: The Next Reddit Will Likely Be Built on the Bitcoin Blockchain

To say Reddit is going through some growing pains would be an understatement.

The company has struggled for a while with if, when and how to censor content on the site, as it tries to build a real business backed by venture capitalists, all while trying not to alienate the huge community of people who help power the site. And now it has a new saga on its hands after protests by scores of the unpaid moderators who help run the site took down some of the media platform’s most popular sections this past week.

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Well, prominent venture capitalist Fred Wilson think he has a solution, he wrote in a blog post titled “The Decentral Authority” that he published today.

“It may be that there is no viable middle ground between a centrally controlled media platform and an entirely decentralized media platform,” he noted, referencing the type of entity he believes Reddit is becoming versus the type of platform many of its users want it to be. “You are either going to police the site or you are going to build something that cannot be policed even if you want to.”

And that uncontrollable site is coming, he says, and will “most likely will be built on the blockchain.”

What’s the blockchain, you ask? “Essentially, just a record, or ledger, of digital events — one that’s “distributed,” or shared between many different parties (or computers), Guardtime CEO Mike Gault explained in a guest post published on Re/code today. “The bitcoin blockchain contains a certain and verifiable record of every single bitcoin transaction ever made.”

Wilson doesn’t go into many details about how a blockchain-powered media platform would work. But the gist seems to be that a media platform built on top of the blockchain would not need a company to manage it because the

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