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Friday, December 9, 2022

Kickstarter Announces it’s Switching to Crowdfunding via the Blockchain

Kickstarter is making some significant modifications to its technical basis. According to a Kickstarter blog post published Wednesday, the business will fund the creation of “an open-source protocol that will basically provide a decentralized version of Kickstarter’s core functionality.” The protocol would be hosted on a public blockchain, allowing anybody to build on or utilize it, including “Kickstarter rivals,” according to the business.

According to the firm, an independent organization will begin the protocol’s development, and Kickstarter will provide cash, establish a board, and be one of the protocol’s first clients. It’s also establishing a “independent governance lab” to supervise “the protocol governance’s evolution.” Celo, an open-source blockchain that employs a more environmentally friendly proof-of-stake algorithm, will be used to build the protocol.

According to Bloomberg, the new business that is developing the protocol does not yet have a name, and Kickstarter plans to switch to the protocol in 2022. Kickstarter did not immediately respond to a request for comment on whether the move will have an impact on the company’s revenue model, but it did state on its blog that “the Kickstarter experience you’re used to will remain the same.”

Kickstarter’s efforts sound a lot like what Twitter started with the Bluesky decentralized social network standard. Despite the fact that it was announced in December 2019, it is still in its infancy, having only appointed a project lead in August.

Cedric Blackwater
Cedric Blackwater
Cedric is a journalist with over a decade of experience reporting on local US news, and touching on many global topics. He is currently the lead writer for Bulletin News.

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