Crowdfunding platform Kickstarter will switch to a blockchain-based model – Bitcoin News

Crowdfunding platform Kickstarter will switch to a blockchain-based model – Bitcoin News


Kickstarter, one of the leading crowdfunding platforms in the market, has decided to abandon its current business model and migrate to a blockchain-based platform. This will be constructed by an independent organization originally funded by Kickstarter to study the protocol. The new platform will be built on the Celo blockchain.

Start blockchain replacement

Kickstarter, a crowdfunding platform for products, services and ideas, announced yesterday that it will transfer its operations to a blockchain-based platform.The platform made an announcement in the blog postal Titled “The Future of Crowdfunding Creative Projects”, it mentioned that decentralization is one of the key reasons for the pivot. According to Kickstarter:

[The platform will] It can be established, connected or used by collaborators, independent contributors, and even Kickstarter competitors from all over the world.

The newly designed platform will also be open source, so other similar projects will be able to fork it and use it for different goals, bringing this solution to the entire developer community; this means that the community will have the ability to create a community without an intermediary. Tools for raising websites. The company further explained that the white paper of the new organization will be released in the next few weeks.Other big companies have recently include Blockchain elements are in their development.

New platform and governance

The Kickstarter team believes that their crowdfunding expertise will enable them to develop blockchain-based protocols to better meet their needs. The new agreement will be created by an independent organization originally funded by Kickstarter. Kickstarter will also create a governance laboratory responsible for overseeing the governance methods of the agreement.The laboratory will conduct research and publish exchanges on the best ways to use blockchain tools to manage new protocols, including Decentralized autonomous organization.

The crowdfunding agreement will be deployed on top of Celo, which is a “carbon-negative” blockchain that supports smart contracts (due to its proof-of-stake consensus algorithm). Kickstarter elaborated that Celo will minimize the environmental impact of the agreement. The price of Celo is also Benefit Judging from the news, it rose to $4.48 after the news was announced. Since then, the price has fallen to $3.93, keeping pace with Bitcoin, Ethereum and most cryptocurrencies that are currently losing money.

However, some users bluntly stated on social media that they did not like the decision and stated that they were not knew The benefits that this change may bring to the platform, and criticize Possible environmental impact.

What do you think about Kickstarter’s shift to blockchain? Tell us in the comments section below.

Image Source: Shutterstock, Pixabay, Wikimedia Commons, Sulastri Sulastri

Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.

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