Tuesday, January 18

Kickstarter will go on to rely on blockchain and cryptocurrencies to lay the foundations for the future of crowdfunding

You may remember the portal of crowdfunding by excellence, Kickstarter; in which anyone can present an idea or a product and wait for a community of stakeholders to form that contribute money so that the idea becomes a reality. The web has been the home of curious projects such as antibacterial keychains or card games that help children understand how a computer works, and of authentic works of art such as Hollow Knight.

Now Kickstarter, seeing the trend changes in the networks, has decided to embrace cryptocurrencies. The portal will create a new platform crowdfunding based on the blockchain to move into it once it’s ready. In fact, it will embrace the concept to such a level that it will allow any user to use that infrastructure to set up their own portal of crowdfunding.

Decentralized, cryptocurrency and carbon-neutral crowdfunding

Kickstarter will create a new company to be able to do this (not even its name is known), but in Bloomberg detail that development will begin the first quarter of next year. And before 2023, all of Kickstarter will move to that new protocol based on blockchain without users noticing anything.

How can a cryptocurrency-based crowdfunding portal work? Well, we have a fairly recent example with the initiative that the ConstitutionDAO group took to acquire a copy of the United States Constitution. When the normal thing is that you need to be a multimillionaire to be able to have access to these exclusive auctions, ConstitutionDAO united many Internet users who contributed cryptocurrencies to take possession of the document as a group. They couldn’t push hard enough, but it came out as a good try that set an interesting precedent.

A Kickstarter with blockchain and cryptocurrencies could allow initiatives similar to the ones we saw with ConstitutionDAO

A Kickstarter based on blockchain It could allow netizens to support projects with cryptocurrencies, which would simplify international money transactions and end the fees that banks usually impose on them. And as in the case of ConstitutionDAO, users or groups of users can organize to contribute money and become owners of the crowdfunding project in a way. Each person would own “a piece” of that project, if it is the idea of ​​its creators.

In addition, Kickstarter has also thought about the environment. Faced with all the criticism about the contamination caused by the mining of cryptocurrencies, those responsible have decided to use a platform of blockchain call Forehead that seeks to be carbon neutral. This platform has Jack Dorsey among its investors, no less.

The last detail is that this new platform will have an independent steering system, which will seek to prevent Kickstarter from having too much influence over what should in principle be an essentially decentralized initiative. We will see the result of all these efforts in a year or less.