Kickstarter is switching to blockchain technology and developing an open-source protocol.

Kickstarter, a crowdfunding site established in New York City, is updating its core technology and adding more current features. According to reports, the site is shifting to a Blockchain-based system, making it available to anybody and everyone. The organization, which was founded in 2009, claims that its objective is to use crowdsourcing financing to bring creative projects like films, music, video games, and publishing to life. This open-source Blockchain technology will give the tools needed to create a crowdfunding platform similar to Kickstarter.

“As a first step, we’re assisting in the creation of an open-source protocol that will effectively produce a decentralised version of Kickstarter’s fundamental functionality.”

“This will be open for collaborators, independent contributors, and even Kickstarter rivals from all around the globe to build upon, connect to, or utilise on a public blockchain,” Kickstarter said in an official blog post.

Kickstarter is forming an autonomous organization to continue developing Blockchain technology as part of this important functional move. For the time being, the name of this organization is unknown.

Kickstarter will also be in charge of funding and establishing a board of directors for this project since it will be the first client to use the future blockchain-based crowdsourcing system. Kickstarter will also switch its website (kickstarter.com) on the rebuilt infrastructure once the protocol is complete.

The protocol will be created on Celo, an ecologically friendly, open-source blockchain network, as part of Kickstarter’s new governance lab.

“Like the internet in the early 1990s, Blockchain is a fledgling technology with an unwritten tale. Celo’s efforts to reduce environmental impact (and emphasis on worldwide accessibility through mobile access to the blockchain) “reminds us that the only way to obtain better systems is to build better systems,” writes Kickstarter co-founder Perry Chen and CEO Aziz Hasan in a blog post.

According to reports, Twitter has been working on an open-source, decentralized social media system named Bluesky since 2019.

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