Crypto

Kickstarter Plans to Move to Platform Based on Blockchain

Kickstarter Plans to Move to Platform Based on Blockchain

Kickstarter intends to switch to a platform built on the Celo blockchain.

“We’re at a critical juncture for alternative governance models, and we believe the blockchain offers a huge chance to advance these initiatives,” said Kickstarter CEO Aziz Hasan and its co-founder Perry Chen.

Kickstarter will be forming a new firm that will eventually migrate its website to a Celo-based blockchain-based infrastructure.

In a blog post published on Wednesday, CEO Aziz Hasan and co-founder Perry Chen announced that Kickstarter would be working on an open-source protocol based on the Celo blockchain. The two executives praised the blockchain for its efforts to reduce its environmental impact — it is not carbon positive but carbon negative — as well as the fact that it was open source.

“We’re at a critical juncture for alternative governance models, and we hope that the blockchain offers a huge chance to further these initiatives,” the two executives, Chen and Hasan said.

According to Bloomberg, Kickstarter plans to move its website to the blockchain platform next year in 2022, and the organization has promised to release a white paper “in the coming weeks.” According to reports, the relocation would not disrupt any of the platform’s millions of users who are presently crowdfunding for projects such as medical and fitness items, artwork, novels, and movies.

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Kickstarter also announced that it would create a governance lab to “oversee the development of the protocol governance.” Camille Canon, executive director and co-founder of the Purpose Foundation, will lead the charge.

Certain initiatives that may have gotten funding through Kickstarter have migrated to distributed autonomous organizations, thanks to the emergence of the crypto sector. In November, a company named ConstitutionDAO sought to buy a first edition print copy of the United States Constitution, with 17,437 backers receiving PEOPLE governance tokens. Despite failing to place the winning offer, the DAO’s token price soared after the project’s team permitted users to keep their tokens.

Since its inception in 2009, Kickstarter has estimated that 21 million people have given more than $6 billion to support 213,034 projects, including the Peloton bike and the 2014 film Veronica Mars.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.