A more open, collaborative, and decentralized future for crowdfunding as Kickstarter goes blockchain

Crowdfunding embraces blockchain as Kickstarter announced the development of an open-source protocol. This will essentially create a decentralized version of the platform’s core functionality and will live on a public blockchain. The protocol will be available for collaborators, independent contributors, and even Kickstarter competitors, from all over the world to build upon, connect to, or use, the company lets us know.

In a letter to their community, the Founder and Chair, Perry Chen, and the CEO, Aziz Hasan, say, “We think bringing all that we’ve learned about crowdfunding since 2009 to inform the development of a decentralized protocol will open up exciting new opportunities for creative projects to come to life. In the coming weeks, a white paper will be released outlining the technology and plans for the protocol.”

Why Blockchain

Kickstarter is pretty clear in providing us with the rationale behind the project. In short, the world is changing so do we, the message.

“World has gotten a lot more complex in just the past couple of decades. From Covid to climate change, from financial crises to genetic engineering, the common thread of contemporary life is complexity. Navigating the levels of complexity we face today requires new systems. In particular, systems that — like those in nature — are more flexible and adaptable to change and unpredictability. Systems of collaboration that harness our connectivity — in new ways — to solve emergent problems.”

Regarding Blockchain, they point out, “Blockchain technology is a powerful tool to create and align decentralized and distributed networks of people — in effect, new forms of networked organizations and economies — at scales that only governments and mega-corporations can fathom.”

BLOCKCHAIN and the environmental issue

However, there has been an intense debate around the negative impact blockchain has on the environment. This is why they communicate they have chosen a carbon negative blockchain platform, Celo.

What’S on top OF the protocol?

1. First, the US-based crowdfunding platform is establishing an independent organization that will kick off the development of the protocol, Kickstarter PBC. Funding and appointing an initial board are two of the main function of the platform.

2. Moreover, the marketplace for creative projects, is establishing an independent governance lab. On top of overseeing the development of the protocol governance, at steady-state, the body will publish research, share learnings, and generally seek to develop governance resources for the commons through openly engaging with the notoriously challenging problems and critically important goals of good governance.

Looking forward

In conclusion of their message, Chen and Hasan say: “In the coming years, we believe large swaths of the internet will be reconstructed from the ground up by open and decentralized networks of contributors, who participate in the design, operation, governance and even ownership of the technology themselves. We believe that helping build the infrastructure and tools that help bring creative projects to life is an important and exciting way for us to serve our mission.”

👉Want to know more? Just click here.