Crowdfunding Platform Kickstarter Is Building A Decentralized Open Source Version
Kickstarter is now building a crowdfunding system on blockchain technology. Once ready, the company will switch its own website to the new infrastructure. The new Kickstarter will also make the tools available for anyone to build a competing crowdfunding site.
This open-source protocol “will essentially create a decentralized version of Kickstarter’s core functionality,” as per the company’s official announcement.
For this, Kickstarter will be using the Celo blockchain in order to be energy efficient. Celo blockchain, which has the backing of Andreessen Horowitz and Jack Dorsey, uses Proof-of-Stake (PoS) consensus mechanism and says its network is carbon-negative, partly through the purchase of carbon offsets.
This move was a “big decision,” said Perry Chen, who co-founded the platform in 2009, but an easy one as it fits with Kickstarter’s mission “to help bring creative projects to life.”
Many well-known brands started their journey through Kickstarter, notable the Oculus VR headset began with a Kickstarter campaign raising $2.4 million, and so did Peloton stationary bike ($307,332).
The company has also announced the launch of a new organization called Kickstarter PBC, which will begin development for the new infrastructure. Kickstarter will fund the project, appoint an initial board, and commit to being one of the first platforms on the protocol.
No specific timelines are yet set for the transition though development is slated to begin in the first quarter of next year.
Kickstarter also said they are establishing an “independent governance lab” to publish research and engage with the community on protocol governance.
For the time being, the user experience won’t be impacted as the company aims to proceed slowly.
“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,” the company said.