Kickstarter is pumping the brakes on blockchain tech, but the car is still moving

polygon.com:

Crowdfunding pioneer Kickstarter stunned many of its loyal customers in December when it unilaterally announced that it would transition its platform to blockchain technology. The feedback among creators and backers alike was swift, and sharply negative. On Thursday, more than two months later, the company has issued a new statement declaring that it is pumping the brakes, effectively slowing — but not stopping — its transition to a novel protocol built on cryptographic “proof of stake” technology.

Blockchain technology is currently shrouded in controversy. Its detractors cite multiple potential pitfalls in its use. For instance, the technology relies on sheer computational power which consumes energy and generates heat, thereby contributing to global warming. It has also proven to be an extraordinarily lucrative vector for fraud, especially as it has been applied to other products such as cryptocurrency and non-fungible tokens (NFTs).

Advocates, on the other hand, see blockchain technology as a force multiplier for capitalistic endeavors; a complex and immutable system to secure and facilitate financial transactions, internet technology; and more.

Theoretically, a transition to blockchain technology could appear seamless to visitors of Kickstarter. But it has the potential to change all of the technology on which the platform runs. That has many in the community sounding the alarm, with creators publicly vowing to take their business elsewhere.

In its Thursday announcement, Kickstarter admits that its initial statement overstepped its own community-centric ideals. A promised white paper describing its approach will not be published at this time. Instead, it is taking a step back to further evaluate the transition.

“It’