Kickstarter, the world’s most well-known crowdfunding platform, wishes to enter the world of blockchain. Following the official announcement, the platform will integrate blockchain technology in collaboration with blockchain Celo.
The new network’s goal is to replicate all of Kickstarter’s services, but in a decentralized manner. With this, the company hopes to leverage its crowdfunding experience to provide better tools to its users.
However, no information about the amount of money allocated to this new initiative or its name has been released. Kickstarter, on the other hand, has stated that it plans to switch to the new protocol in 2022.
Crowdfunding on a Decentralized Basis
During the first phase, Kickstarter established an independent organization tasked with developing an open source protocol. In turn, this protocol emulates the functionality of Kickstarter’s main platform, but in a decentralized manner.
To put it another way, the company intends to establish a Decentralized Autonomous Organization (DAO).
Kickstarter Public Benefit Corporation (PBC), an organization founded by Kickstarter in 2015, will fund the new network. Through Kickstarter funding, the organization will lead the protocol’s development.
A Governance Lab will be established as part of the new project to conduct research on the subject. In this sense, the initiative intends to establish the new DAO’s rules and governance criteria, with the goal of preventing problems from arising.
Kickstarter Collaboration with Celo Blockchain
Kickstarter has chosen Celo’s network, a blockchain with a low carbon footprint that can be run on smartphones. In a statement, Kickstarter emphasized the benefits of Celo that led to the decision.
According to a blog post on the company’s website, the plan is to take things slowly in terms of how the protocol will affect the user experience. “As a user, you will continue to have the same Kickstarter experience. You will not be able to see the protocol, but you will benefit from its advancements,” the text states.
The adoption of blockchain will have little impact on Kickstarter’s business model. According to the company, both the user experience and the business model will remain unchanged.
Kickstarter, founded in 2009, is the world’s largest and most well-known crowdfunding platform, used to raise funds for a wide range of projects. Since its inception, the company has moved $6 billion and assisted in the completion of over 200,000 projects worldwide.