Popular crowdfunding platform Kickstarter has revealed that it is making some critical changes to its core technology, announcing that it will be supporting the development of an open-source protocol that would create a decentralized version of Kickstarters Core functionality.
Kickstarter has seen over $6 billion pledged, successfully funding over 200,000 projects. The projects have also helped create a significant number of jobs, creating a significant positive economic impact.
More Open, Collaborative, And Decentralized
Kickstarter announced its plans towards the development of an open-source protocol as the first step towards its efforts to create an open, decentralized, and collaborative future. The open-source protocol will essentially create a decentralized version of Kickstarter’s core functionality. The protocol will be on a public blockchain, allowing anyone from collaborators and content creators to even Kickstarter’s competitors to utilize and build their projects.
The initiative will see Kickstarter deploy its unparalleled experience in the crowdfunding space to help build the decentralized protocol and create new opportunities for content creators and collaborators. Kickstarter also plans on releasing a whitepaper with more details about the technology behind the protocol.
Independent Organization To Develop the Protocol
The development of the protocol will be headed by an independent organization that will receive funding from Kickstarter. Kickstarter will also help the organization establish its board and be the first client of the protocol.
It is also setting up an independent governance lab that will oversee the governance of the protocol. The governance lab will also conduct research and publish it, allowing it to develop governance resources and engage with problems that stifle good governance on protocols.
The governance lab will be led by co-founder and executive director of Purpose Foundation, Camille Canon. Purpose Foundation focuses on developing and scaling governance and alternative ownership models.
Protocol To Be Built On Celo
Kickstarter has chosen Celo as the platform on which it would build the protocol. Celo is a carbon-negative blockchain and has the perfect technology and community to create the new protocol. Elaborating on why Kickstarter has decided to go ahead with Celo, the blog post explained,
“We’re inspired by the Celo ecosystem’s thoughtful approach to building the technology they want to see in the world. Like the internet in the early 1990s, the blockchain is a nascent technology whose story is not yet written. Celo’s efforts around minimizing environmental impact (and focus on global accessibility through mobile access to the blockchain) reminds us that the best way to get better systems is to build better systems.”
While the new protocol does not have a name as of now, Kickstarter is planning on moving its site to the protocol sometime in 2022. While Kickstarter has not elaborated on how this would change the company;’s business model, it assured users that their Kickstarter experience would remain unchanged.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
