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Kickstarter Bets Big on Blockchain, Plans to Shift Crowdfunding Platform

The crowdfunding platform went into detail regarding the open-source protocol and seek to have it incorporate multiple platforms including kickstarter.com.

kickstarter
Kickstarter

Kickstarter, the crowdfunding platform, made an announcement regarding its plan to make an open-source protocol “that will essentially create a decentralized version of Kickstarter’s core functionality.”

The goal as stated by the company is to have multiple platforms embrace the protocol, including Kickstarter.com down the line, as well.

The company is also set to launch a new organization called Kickstarter PBC, which will be responsible for the development protocol. Kickstarter is not only funding the project but also appointing an initial board for the organization as well as aiming to be one of the first platforms on the protocol as shown by their commitment to the project. As of right now, no timeline has been offered for when this transition is set to take place.

Among their announcements was also their establishment of an “independent governance lab,” with the objective of publishing research and engaging with the community regarding protocol governance as the topic of discussion.

Kickstarter has gone down an interesting path, to say the least, considering it always shared the DNA blockchain products tend to exhibit–at least in a philosophical sense–in that it allowed consumers to support projects and build up a community around them, too. All the while, it would take a stake in their success, as well.

While the stake in the aforementioned products would be based on a physical or digital completed project, newer blockchain crowdfunding models essentially create the notion of giving users tokens for supporting the projects that add value as the product they’re working on matures. While some of this is definitely only questionably legal at best, there’s ways to blur the lines on what’s being bought and sold by users.

For the moment, Kickstarter seems to be comfortable moving slowly in terms of how the protocol should impact the end-user experience. A blog post from the company highlights this further by stating “As a user, the Kickstarter experience you’re familiar with will stay the same. You won’t ‘see’ the protocol, but you will benefit from its improvements.”

Suffice it to say there are still some energy usage concerns especially surrounding the popular cryptocurrencies like Bitcoin and Ethereum, despite the fact that web3 tech has driven huge excitement in terms of the technologists, both amateur and professional alike. Kickstarter’s goal here is to sidestep said concerns with the placements of their new vertical on the Celo blockchain. This is a less energy-intensive consensus mechanism the team has termed “carbon negative.” Besides highlighting the protocol leverage Celo, they didn’t go into too much in terms of specifics about the PBC’s work and how it’s developing near or far term.

While Kickstarter’s work is noteworthy, they aren’t the only “traditional” tech company to look into the development of their own open source protocol which their platform aims to develop eventually, Twitter has been working on one such protocol as well, titled bluesky. Bluesky is their own attempt at developing a decentralized social media protocol.

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