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Kickstarter has announced that it is moving its crowdfunding platform to blockchain in order to bring more transparency and accountability. The move will see the company exit reliance on PayPal, which has been criticized for allowing money laundering and other scams through the service.
The “indiegogo” is a crowdfunding platform that has been around for years. Kickstarter has announced that it will be moving its platform to blockchain technology in the near future.
Kickstarter, one of the most popular crowdfunding sites, has revealed ambitions to build a Celo-based decentralized version of its infrastructure.
The change, according to the company’s release, would provide new options for creative initiatives to be realized.
The crowdfunding king is taking a chance on decentralization.
The world’s first and biggest crowdfunding platforms are betting big on the future of decentralization by announcing intentions to move their infrastructure to the blockchain.
Kickstarter said on Thursday that it would start working on an open-source protocol to build a decentralized version of its fundamental features. Celo, an open-source, carbon-neutral blockchain platform, will host the protocol.
According to the firm, the innovative blockchain platform was chosen because of its underlying technology and community.
In a statement, Kickstarter stated, “We’re intrigued by the Celo ecosystem’s conscientious approach to constructing the technology they want to see in the world.” “Celo’s efforts to reduce environmental impact (as well as its emphasis on worldwide accessibility via mobile blockchain access) remind us that the only way to obtain better systems is to design better systems.”
A newly formed business will produce the decentralized version of Kickstarter. Along with a new firm, Kickstarter will also create an independent governance lap that will be in charge of supervising the protocol’s governance development.
While the corporation placed a strong emphasis on sustainability, its choice to join the realm of blockchain was widely panned. Hundreds of Kickstarter users flocked to Twitter to protest that if the firm does not abandon its ambitions to launch on a blockchain, they would search for another crowdfunding site.
The corporation should put more resources into enhancing its present infrastructure, according to some, while the crypto sector is a money-laundering fraud that is bad for the environment, according to others.
I am quite unhappy with Kickstarter for pivoting in this direction, and if this happens, I will no longer use or promote them as a platform. This is a disaster. https://t.co/m6l81eKcyW
December 8, 2021 — Katee Robert – just kinda here (@katee robert)
Kickstarter could enhance a lot of things about their site with their development funding, but they’ve chosen to pursue crypto-fads instead. Any manner in which shifting to cryptocurrency enhances the platform for artists or supporters is absent from the piece. https://t.co/2PSYENGNmc
PAX U (@DasBrieger) December 8, 2021 — John Brieger
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Related Tags
- kickstarter blockchain
- celo
- what’s blockchain
