Kickstarter to Start Blockchain-Based Crowdfunding Project on Celo

The crowdfunding platform will eventually move its existing website to the new protocol.

AccessTimeIconDec 8, 2021 at 7:41 p.m. UTC
Updated Dec 8, 2021 at 8:54 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

Kickstarter is creating a new company to build a crowdfunding platform on the Celo blockchain, the company said in a blog post on Wednesday.

  • In order to serve its mission of allowing as many people as possible to pursue their creative projects, Kickstarter said it is developing an open source protocol to create a decentralized version of its platform’s core functionality.
  • The protocol will live on the carbon negative blockchain platform Celo and be available for collaborators, contributors and even crowdfunding competitors to build on and use.
  • New York-based Kickstarter said it chose Celo because of “its efforts around minimizing environmental impact (and focus on global accessibility through mobile access to the blockchain).”
  • Once the protocol is ready, Kickstarter will switch its existing website to the new system.
  • The company is also establishing a governance lab led by Camille Canon, co-founder and most recently executive director of Purpose Foundation, to oversee the protocol’s development.
  • Bloomberg first reported the story on Wednesday. According to Bloomberg, development of the new protocol will start in the first quarter of 2022, and Kickstarter expects to transition its site to the protocol sometime in 2022.

UPDATE (Dec. 8, 20:26 UTC): Updates with information from Kickstarter, including the choice of Celo as the blockchain platform.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

Trending

1
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
2
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown
3
CoinDesk - Unknown
Cosmos-Builder Ignite Cuts Headcount by More Than 50%, Ex-Employees Say

The reductions come amid a crypto market crash, and after the return of Ignite’s controversial ex-CEO.

CoinDesk - Unknown
4
CoinDesk - Unknown
India's Day Of Reckoning With ‘Most Controversial Crypto Tax’ Is Here

The country's 1% TDS is predicted to exacerbate negative market sentiment and add to the woes of the crypto community.

CoinDesk - Unknown