Kickstarter crowdfunding platform will launch a new company that will eventually see its site transition to a blockchain-powered platform on Celo.
In a blog post on Wednesday, CEO Aziz Hassan and co-founder Perry Chen stated that Kickstarter will develop an open source protocol that will live on the Celo blockchain. Both leaders cited blockchain’s efforts to reduce environmental impacts that negatively impact carbon emissions, as well as open source.
“We are entering an important moment for alternative governance models, and we believe there is an important opportunity to advance these efforts through the use of blockchain,” said Chen and Hassan.
Bloomberg reports that Kickstarter plans to move its website to the blockchain platform in 2022, with the project announcing that it will release a white paper “in the coming weeks.” Kickstarter reportedly said the move will not affect any of the millions of users currently using the platform for crowdfunding projects, including medical products, exercise, art, books and films.
In addition, Kickstarter said it plans to create a management lab that “tracks the evolution of protocol management.” The work will be led by Purpose Foundation CEO and co-founder Camilla Canon.
Related: Community Driven DeFi Platform Decentralizes Crowdfunding
With the new crypto domain, some projects that could receive funds through Kickstarter have moved to independent distributed organizations. In November, a group called the DAO Constitution attempted to acquire the first copy of the US Constitution, proclaiming 17,437 supporters of the ruling symbol called PEOPLE. Although the DAO was unable to submit a winning bid, the price of the token skyrocketed after the team behind the project allowed users to continue to own the tokens.
First launched in 2009, Kickstarter reports that 21 million people have pledged over $ 6 billion to support 213,034 crowdfunding projects, including the Peloton bike and the 2014 film Veronica Mars.