Kickstarter Decelerates Blockchain Rollout amid User Backlash

Kickstarter, a popular crowdfunding platform created quite a stir among its loyal user base in December. A majority of users criticized the firm when it announced that it is planning to transition its current platform to blockchain technology. 

The initial feedback from the company’s backers and creators was evidently negative. Nearly two months after, the firm has made a statement that it is decelerating and slowing down its transition. However, the company made it clear that while it is putting the brakes on the transition, it is not stopping. 

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Blockchain technology flirts with controversy

At the moment, blockchain technology is marred with controversy. Critics have pointed out an array of risks involved in its use. For example, blockchain predominantly relies on computational power that generates large amounts of heat, eventually adding to global warming. 

Besides the negative environmental impact, blockchain is increasingly becoming a go-to tool to commit fraud. This is even more true when it is applied to other products including non-fungible tokens (NFTs) and cryptocurrency. 

Having said that blockchain has reasonable backing from its advocates around the world. Advocates of the technology believe blockchain can work as a force multiplier for a number of capitalistic projects. 

Why are users apprehensive about Kickstarter’s blockchain ambitions?

In theory, the transition to blockchain should be a seamless process for Kickstarter users. However, this endeavor has strong potential to change the entire technology on which the platform operates. 

This is one of the main reasons why Kickstarter has attracted so much criticism over the past couple of months. Some creators have made public statements indicating that they may shift their business to other platforms. 

Kickstarter’s current stance on blockchain transition

In the announcement on Thursday, Kickstarter admitted that its statements in December were not in tune with the company’s community-centric ideals. The company will not publish a promised whitepaper that was going to highlight the approach it would take to transition to blockchain. 

However, at the moment, the company has taken a step backward to evaluate the transition. 

The company said that its users have made it very clear that they are not for the transition. This is why it is introspecting their approach taking into account user feedback. 

Kickstarter also said that it is their responsibility to ensure that they serve the backers, creators, and the entire creative ecosystem. The company also said that it will evaluate and review the environmental impact of blockchain technology. 

Are you interested to know what happens next? Will Kickstarter successfully transition to blockchain technology? Stay tuned for more information only on Toolsmetric. 

SEE ALSO: Warren Buffet Makes a $1 Billion Investment in Bitcoin-friendly Digital Bank Nubank

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Karandeep V

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency. At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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