Dimapur, Dec. 9 (EMN): US-based Crowdfunding platform Kickstarter announced on Wednesday that it is transitioning to Blockchain technology-supported protocol.
The company said in a blog post that it will move to "an open-source protocol that will essentially create a decentralised version of Kickstarter’s core functionality."
Kickstarter believes that this tranisition to an open-for-all Blockchain protocol will enable anyone, "even Kickstarter competitors," to use or build on the platform.
On its blog Kickstarter wrote, "So, today we’re announcing our commitment to a more open, collaborative, and decentralised future. As a first step, we’re supporting the development of an open source protocol that will essentially create a decentralized version of Kickstarter’s core functionality. 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 protocol will reportedly be built on the Celo blockchain, the details of which will be oulined in a whitepaper that will be released in the coming weeks.
"We’ve chosen Celo, an open source and carbon negative blockchain platform, as the best technology and community on which to build the protocol. 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," wrote Kickstarter.
Celo is an open-source blockchain similar to Ethereum but it is has a more environmentally friendly proof of stake system.
Kickstarter isn't the only company looking to transition their products to the decentralised crypto world, Twitter is also working on bluesky, a decentralised social media protocol.
"In the coming years, we believe large swaths of the internet will be reconstructed from the ground up by open and decentralized networks of contributors, who participate in the design, operation, governance and even ownership of the technology themselves. We believe that helping build the infrastructure and tools that help bring creative projects to life is an important and exciting way for us to serve our mission," wrote Kickstarter.