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Kickstarter Will Move Its Crowdfunding Platform to Blockchain
- Thread starter Shard Shinjuku
- Start date
- News
Yea, it's hard not to read this as anything other than a company that already dominates a niche looking to extend that domination. If they both steward the tech that allows for Kickstarter on the blockchain, while also literally being Kickstarter on the blockchain, I find it difficult to believe any sort of competition is going to arise from that. This feels like a play to corner a market, and a complete lateral move in a tech sense. Kickstarter doesn't need a blockchain to verify transactions, they're already doing that right now without issue.
Yes. It's called capitalism.
It makes sense to them as long as it makes them money.
People need to start ignoring blockchain news. The reason _why_ they do these announcements is because of precisely _why_ there's a topic about it.
It's a play to gain investment money since blockchain is hot right now.
Will it pan out? (probably not)
It's a play to gain investment money since blockchain is hot right now.
Will it pan out? (probably not)
Right from the start blockchain technology was thought to eventually have practical applications. Bitcoin and the rest of the crypto dominated the conversation for years, but now we're starting to see blockchain used in different ways. Database management seems to be the most common application. Financial decentralization is kinda difficult to understand the practical application, but it's beyond my pay grade so I'll give them the benefit of the doubt. In a way it is refreshing to see blockchain tech used in other ways besides crypto and NFTs.
So the upside is ditching third party payment processors. The downsides are that you are living in a legally gray area that could backfire massively, and that you're tying yourself to a technology that is potentially vulnerable to exploits that can't be fixed without going through massive hoops.Ok, boomers, time to learn a new term:
A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC), is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government. A DAO's financial transaction record and program rules are maintained on a blockchain. The precise legal status of this type of business organization is unclear.
Decentralized autonomous organization - Wikipedia
en.wikipedia.org
Kickstarter is probably seeing this is a threat. In the long run, that is.
The last bigger DAO that was in the news was this:
/cdn.vox-cdn.com/uploads/chorus_asset/file/23069961/VRG_ILLO_Decoder_Jonah_Erlich_s.jpg)
From a meme to $47 million: ConstitutionDAO, crypto, and the future of crowdfunding
ConstitutionDAO raised $47 million to try to govern a copy of the US Constitution on the blockchain.www.theverge.com
i don't get it.
nice meme, but I am actually curious. Blockchain as a concept has been totally pissed on by crypto and NFTs and the like, but it's still just a thing.
I'm guessing they mean this:
Ok, boomers, time to learn a new term:
A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC), is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government. A DAO's financial transaction record and program rules are maintained on a blockchain. The precise legal status of this type of business organization is unclear.
Decentralized autonomous organization - Wikipedia
Kickstarter is probably seeing this is a threat. In the long run, that is.
The last bigger DAO that was in the news was this:
From a meme to $47 million: ConstitutionDAO, crypto, and the future of crowdfunding
ConstitutionDAO raised $47 million to try to govern a copy of the US Constitution on the blockchain.
but the phrasing isn't exactly definitive.
Does it even matter? The hot takes in this thread are legendary, people are going full Abe Simpson but with half-baked revolutionary undertones.
My favorite thing about da blockchainz is that even the folks aggressively defending it don't actually know what the hell it does. Source: Several posts in this thread ...
To whom? I feel like Kickstarter may just be scared of this becoming more commonplace in the future and so they're trying to move into the space aggressively.
A DAO enables you to form organizations around a common goal and provide a way of self-governance by way of code.
How exactly it's organized depends in the respective DAO, but generally it's direct democracy through referendums. People put forward proposals and members vote on said proposals. You can vote on your own or delegate your vote to other members, thereby creating "leaders" who can command more votes. This is just how most DAOs, of the ones that I'm aware of, are organized.
I don't think there's a platform to spin up DAOs from the ground up. You still need to be tech-savy to create those so I'm assuming they'll let you decide whether to create an old-fashioned Kickstarter or a DAO.
In a DAO members could then self-organize to decide where the project is going. And by way of smart contracts they could even set up a payout scheme to the creator / employees from the DAO fund, thus preventing scams where creators run with the money.
But ofc it's all just a ponzi, pyramid scheme of the cryptobros suffering from tulip mania.
Well, they must have a legal department that green lit this. There's a bazillion of scams on that site and they're staying in business so I'm guessing that legal department must be good.
This is just guesswork on my part, but the article also refers to DAOs, so who knows.
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"today's digital economy built around cryptocurrencies, decentralized organizations and NFT art." is not a thing and it will never be a thing.
As do the constant, "oh, here's Era again shitting on crypto", a bunch of people responding to that person with "why crypto?", and that person responding with a bunch of non-reasons.
Basically, from all your posts in this thread, it just sounds like an article headline that Kickstarter hopes earns them more money.
Era skews pretty old, so I guess it's not surprising that most people are angered by things they don't understand.
It is a thing even if people don't like it.
It's definitely not a good thing.
34 things you've never heard of that are disrupting the status quo with a rug pull.
Not sure what age has to do with anything. More like another big company saying they're gonna jump on the crypto chain because NFTs are the big thing right now when they've been accomplishing what they do this entire time without this old trendy tech.
.
I'm very glad you used ConstitutionDAO as an example, because now for everybody's viewing pleasure:Ok, boomers, time to learn a new term:
A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC), is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government. A DAO's financial transaction record and program rules are maintained on a blockchain. The precise legal status of this type of business organization is unclear.
Decentralized autonomous organization - Wikipedia
Kickstarter is probably seeing this is a threat. In the long run, that is.
The last bigger DAO that was in the news was this:
From a meme to $47 million: ConstitutionDAO, crypto, and the future of crowdfunding
ConstitutionDAO raised $47 million to try to govern a copy of the US Constitution on the blockchain.
‘Buy the Constitution’ Aftermath: Everyone Very Mad, Confused, Losing Lots of Money, Fighting, Crying, Etc.
ConstitutionDAO tried to buy the Constitution. Now it has a $40 million mess on its hands and entire refunds are being wiped out by high fees.
www.vice.com
The future of self organizing everyone. :v
So what is the difference between that and a legal document that says "this is the way the company is run?" Like any other company? I don't see the difference or why you'd choose this one?
Either that, or maybe some blockchain based web hosting ro cloud storage. But I have not fucking clue, so I'm just gonna chill and see where this goes.
This is pretty much a nothing announcement and asking "how does this help users" can't be answered because Kickstarter themselves don't know wtf they want to do with crypto.
There is a lot of VC money going on with any project that touches crypto and this is just them trying to be relevant. Maybe in 2-3 something meaningful will come out of this, but don't expect it to provide anything that much better for the end user experience than what you have today.
There is a lot of VC money going on with any project that touches crypto and this is just them trying to be relevant. Maybe in 2-3 something meaningful will come out of this, but don't expect it to provide anything that much better for the end user experience than what you have today.
Medicine counterfeiting and shipment control was a pretty good one. Try googling around a bit for "Medicine Blockchain" and you'll find some good articles on it. The idea is that by tracking unfakable codes, you can ensure that medicines sold to people in areas with a high counterfeit rate are actual real. Its a good application and deservedly got some attention from governments in affected countries for example.
They're creating an organization on the blockchain that makes it easier for people to create blockchain based organizations?
The age part was just a little bit of pocket sand. My point is that if you understand the situation and come to the conclusion that it's stupid, then feel free to be outraged. But to freak out just because the word "blockchain" activates the rage part of your caveman brain is just kinda silly.
Sure thing, it's an example of a poorly organized DAO on a (currently) overstrained blockchain..
I'm very glad you used ConstitutionDAO as an example, because now for everybody's viewing pleasure:
‘Buy the Constitution’ Aftermath: Everyone Very Mad, Confused, Losing Lots of Money, Fighting, Crying, Etc.
ConstitutionDAO tried to buy the Constitution. Now it has a $40 million mess on its hands and entire refunds are being wiped out by high fees.
The future of self organizing everyone. :v
None of this must necessarily be the case for whatever Kickstarter will come up with, and there's examples of functioning DAOs which haven't made any headlines (e.g. Ethereum Name Service).
Mentally substitute blockchain with "immutable, distributed ledger" and it all makes more sense.
One of the few actually useful applications of Blockchain is supply chain integrity. Walmart has been experimenting with this use case for some time now.
Walmart urges its suppliers to use IBM blockchain technology
The largest retail company in the world, Walmart, has sent letters to its suppliers of farmed goods urging them to track their produce using blockchain...
supplychaindigital.com
Blockchain for Supply Chain - IBM Blockchain
Add greater visibility and efficiency across the entire supply chain to deliver higher value to your customers and trading relationships with IBM Blockchain.
www.ibm.com
You can apply a similar idea to ensure software supply chain integrity, which would aid in preventing cyberattacks like, e.g., the SolarWinds hack. And in fact, there are tools out there that use essentially the exact same underlying concept as blockchain for this very purpose. They just don't call it blockchain.
The U.S. Spent $2.2 Million on a Cybersecurity System That Wasn’t Implemented — and Might Have Stopped a Major Hack
The software company SolarWinds unwittingly allowed hackers’ code into thousands of federal computers. A cybersecurity system called in-toto, which the government paid to develop but never required, might have protected against this.
www.propublica.org
You can also think of blockchain as a cryptographically secured and verifiable chain of custody. Is that a useful tool to have? Yeah. Does it merit all this FOMO and frothing-at-the-mouth hype? Probably not.
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There's nothing there (other than the cryptocurrency/NFT exchange) that isn't being done already without blockchain. Hell, going into most of those companies you can see they even have options to handle things outside blockchain, for whatever reason.
Some of these companies are also already dead (such as ShipChain) not even a couple of months after the article was out.
It's a buzzword. The tech has its use cases, but at this point it's nothing more than a marketing bulletpoint.
Speculation and FOMO. Can't resist getting in on the ground floor so they can cash out later and wash their hands of it when it all goes south.
Agreed.
The PR is extremely vague. It would only really make sense if the above was being implemented. Otherwise, transfer (gas) fees will end up being a major obstacle for potential users depending on what Blockchain they actually use.
And of course, the only reason Kickstarter is implementing this is because of they see an opportunity for profit (like almost every other company on the planet that makes any new product/announcement). Again, the PR is way to vague to have any idea of what benefits it might provide to consumers.
Again, I'm just guesstimating what they're trying to come up with.
Do Kickstarters or GoFundMes have individual legal documents or contracts? From what I understand it's (mostly) no strings attached campaigns. Here a project could (potentially) be governed by the investors. And if it fails and the (core) project team or the inventor abandons it the remaining funds could be returned automatically. No law (enforcement) needed.
So, something that could already be done right now if Kickstarter wanted to.
Based on the responses by people acting like they understand blockchain I get the feeling that nobody understands blockchain.
It's either answers with absolutely no substance or claiming that we just don't get it, man.
It's like listening to people who think they're The Architect, but they're actually the Will Ferrell version.
I get that this is some kind of play for the future for Kickstarter the entity. I haven't seen one person answer how or why this benefits Kickstarter the service. Anytime blockchain is brought up on ERA any question of substance is sidestepped until we just don't get it, man. The same song and dance.
Of course. Hence my claim: I feel like Kickstarter may just be scared of this becoming more commonplace in the future and so they're trying to move into the space aggressively.
The use case is decentralized by nature so a corporation moving into the space is ironic. However, as I said before: They could offer a service to spin up DAO's on demand / for laymen. I'm not aware of any decentralized implementation like that.
You must have me on ignore then?
Blockchain has its uses, but what I find hard to believe and frankly ridiculous is the idea that it's this monumental, revolutionary technology that's going to fundamentally alter the way we live. IMO, it's not even in the category of things like the Internet, ubiquitous smartphones, cloud computing, machine learning, additive manufacturing, CRISPR, etc.
I thought it was just me. Like several people have "explained" it and it still sounds like something a cult leader would tell his followers, full of cool sounding words and trying to convey a sense that you're ancient or stupid if you don't understand what they're saying so that you don't question it. And I don't understand what they're saying.
No, there are several perfectly good uses for crypto, like in payments the porn industry/sex work (especially self-made stuff like Onlyfans) that the banks keep taking a shot at once a decade or so.