Will Kickstarter’s Move to Blockchain Make It Easier to Crowdfund Your Next Project?


Crowdfunding platform Kickstarter is now aiming to include blockchain technology in its crowdfunding mission, in response to a Wednesday blog post.

To do that, Kickstarter is supporting the event of an open-source protocol that may create a decentralized version of its functionality. Kickstarter.com will then adopt the brand new infrastructure after it’s built. Though the Kickstarter can be built on top of this latest protocol, it is going to also “be available for collaborators, independent contributors, and even Kickstarter competitors, from everywhere in the world to construct upon, connect with, or use.”

“We predict bringing all that we have learned about crowdfunding since 2009 to tell the event of a decentralized protocol will open up exciting latest opportunities for creative projects to return to life. In the approaching weeks, a white paper can be released outlining the technology and plans for the protocol,” Kickstarter founder Perry Chen and CEO Aziz Hasan wrote within the post. Kickstarter is partnering with open-source, carbon-negative blockchain platform Celo to construct this latest protocol.

Kickstarter users won’t “see” the shift per se, as the corporate told Bloomberg the change is not going to affect the best way people use the location. Nonetheless, users “will profit from its improvements.” In accordance with Bloomberg, this development will start in the primary quarter of 2022, and Kickstarter expects to transition later within the 12 months.

Related: 8 Advantages of Blockchain to Industries Beyond Cryptocurrency

Seeing that blockchain technology and crowdfunding share some similarities, the move is not too left-field. Distributed autonomous organizations (DAOs) are already using blockchain technology to fund various projects. One group, ConstitutionDAO, even raised greater than $40 million to try to purchase the Structure.

“In the approaching years, we imagine large swaths of the web can be reconstructed from the bottom up by open and decentralized networks of contributors, who take part in the design, operation, governance and even ownership of the technology themselves,” Kickstarter wrote within the blog post. “We imagine that helping construct the infrastructure and tools that help bring creative projects to life is a vital and exciting way for us to serve our mission.”

Related: 5 Ways Hybrid Smart Contracts Are Changing the Blockchain


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