Kickstarter to Move Crowdfunding Platform to the Blockchain

On Wednesday, Kickstarter announced plans to build a new open-source crowdfunding protocol based on blockchain technology.

Decentralized Crowdfunding

Kickstarter, popular for helping creatives fund their projects, announced a new crowdfunding system to exist on the blockchain. 

The platform will support the “development of an open source protocol that will essentially create a decentralized version of Kickstarter’s core functionality.” This was issued in a blog post put out by founder, Perry Chen and CEO, Aziz Hasan.

According to the statement, the new protocol will live on the public blockchain. It will be open to just about anyone, including Kickstarter’s rival companies.

An independent organization will handle the development of the protocol, backed by funding from Kickstarter. It will appoint an initial board, and has also committed to being one of the new platform’s earliest clients. 

In addition, Kickstarter will put in place an independent lab to supervise the development of the protocol governance. “We are entering a significant moment for alternative governance models, and we think there’s an important opportunity to advance these efforts using the blockchain,” said Chen and Hasan.

Celo, a De-Fi blockchain platform that targets mobile users, will be the heart of the new protocol. Currently, it does not have a name or launch date. However, Bloomberg reports that development of the protocol will kick off next quarter.  

About Kickstarter

Launched in 2009, Kickstarter is a global funding platform based in Brooklyn, New York. The company provides an avenue for people to help creatives bring their projects to reality. So far, over $6 billion has been pledged on the platform, helping to fund hundreds of thousands of projects.

Kickstarter has said that its new plan will not affect the experience of its millions of users.

ABOUT AUTHOR

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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