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Blockchain and the transformation of Crowdfunding

We have had a grandstand view on the way groups of commonly unrelated individuals engage in projects working together towards a shared objective and bringing life to creative ideas.

During the last 13 years, Kickstarter has raised over 6 billion supporting more than 200,000 ideas. Those initiatives generated nearly 800,000 part-time and 80,000 full-time employment positions with about 20,000 for-profit and non-profit businesses, as well as approximately 14 billion in economic footprint.

Nonetheless, despite the amazing statistics, it seems that an infinite number of brilliant and innovative talents are looking for an opportunity. Kickstarters objective of assisting and bringing creative endeavours to life is a mission of enabling individuals and ideas to realise the highest aptitude. To properly continue fulfiling that aim, the platform must expand on what made it so revolutionary in its very beginning, the strength of a broad network taking part and jointly cooperating towards a shared goal.

The platform declared at the beginning of December 2021 its determination to bring an even more open, collaborative and decentralized future. In its initial steps, assistance with the creation of an open-source protocol will aim to produce the decentralised version of Kickstarters fundamental features. Stored on a public blockchain, accessible to collaborators, independent contributors and even rivals from all across the globe to add, link or utilise. This sets a bright future for such an experienced and historically proven platform and the public is eager for their whitepaper.

Within the principle of decentralisation, an autonomous organisation will kickstart the protocols buildout. The corporation will contribute with funding, nominate a board and pledge to become one of the protocols, first users, implying that the dot com will be constructed based on the protocol. User experience will remain the same, meaning that we would not be able to ‘observe’ the protocol but would profit from its advancements.

Furthermore, the development of an independent governance lab has been initiated. The tasks of the lab will be involved with monitoring the progress of the protocol’s governance. Throughout the process, public tools are going to be conducted and they will aim to publicly engage and address the traditionally difficult issues and crucial objectives of effective governance.

Being at a pivotal stage in the evolution of the alternative governance models, Kickstarter believes that there is a great opportunity to adopt and promote such efforts through the use of blockchain technology.

Photo by Markus Spiske

About the author, Deyvid Stoyanov

Deyvid developed his passion for technology, innovation, blockchain and decentralization throughout his bachelor and masters degree studies in Bulgaria and Italy. With several years of experience in the private sector, he is currently part of the FinTech Legal Center Tallinn-based team and remains immersed in the transformation of the financial and banking sector, the adoption of blockchain and cryptographic technologies as well as their interrelationship with state supervisory authorities and the European regulatory structure.

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