Crowdfunding Platform, Kickstarter Adopts Blockchain Technology For Pledges

The blockchain technology, a system where information is recorded in a way that will make it impossible to change, hack, or cheat the system has been adopted by many firms, especially those in the crypto and digital currency business underpins different cryptocurrency, most significant of them Bitcoin. Digital currencies derive their transparency from the Blockchain technology.

It is on the aegis of this that project funding platform, Kickstarter after securing an over $6 billion pledged to its platform has adopted a decentralized and publicly viewable blockchain for all its pledges.

According to the Brooklyn based crowd-funding platform:

“As it moves to a more open, collaborative, and decentralized future, it will decentralize its core functionality via an open-source protocol that has yet to be created. As with most things blockchain, a white paper is pencilled in to appear in the coming weeks.”

Kickstarter announce that an independent organization will begin the development of the protocol with Kickstarter providing funding for the group, appoint aboard, and be one of the protocol’s first clients. The company is also making an “independent governance lab” that will oversee ‘the development of the protocol governance’, with the protocol being built an open source blockchain that uses the more environmentally friendly proof of stake system known as Celo.

Bloomberg had reported that the new company making the protocol does not have a name, adding that Kickstarter expects to move its site over onto the protocol in 2022.

Kickstarter said that “As a user, the Kickstarter experience you’re familiar with will stay the same.”

It added: “This will live on a public blockchain and be available for collaborators, independent contributors, and even Kickstarter competitors from all over the world to build upon, connect to, or use.”

The blockchain that will be used is Celo, which Kickstarter claims is carbon negative.

“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,” it said.

“Blockchain technology is a powerful tool to create and align decentralized and distributed networks of people — in effect, new forms of networked organizations and economies — at scales that only governments and mega-corporations can fathom,” it said.

To provide independent governance for the protocol, Kickstarter is planning to have a governance lab that would be distinct from the existing company, with the decision predicated to prevent Kickstarter from having an outsized influence on what’s meant to be a largely decentralized effort.