This is an opinion editorial by Kroum Kroumov, a copywriter, editor and UX author.
Crowdfunding has all the time been a good way to get funding on your work and to ship your ambitions flying. Most web crowdfunding platforms haven’t saved up with modifications in politics, know-how and the advances of on-line interplay, primarily the expansion of on-line communities. Government censorship and overreach have performed a important function in sparking a necessity for innovation in crowdfunding.
Here, we are going to discover how Lightning is redefining crowdfunding, what new options are changing into attainable, and which crowdfunding platforms are taking the lead in innovation and elevating the bitcoin/Lightning ecosystem to new heights.
Traditional Crowdfunding Platforms Are Outdated
Unfortunately, not everybody is eager on new know-how, and lots of establishments and firms will combat to hold the established order, since they are deriving advantages from it. Therefore, innovation usually turns into a risk in their eyes. Governments, with their push to hold a fiat system operating, are an instance of this. Another instance is authorities makes an attempt to digitize fiat currencies via CBDCs to hold their fiat system going.
Crowdfunding platforms have additionally been sluggish in adopting bitcoin. We might simply attribute the sluggish tempo of bitcoin acceptance by crowdfunding platforms to authorities rhetoric, which has sown the seeds of uncertainty. Regardless of their reasoning, platforms that don’t adapt will turn into outdated, as a result of they will miss out on the probabilities that Lightning brings with it.
Government Overreach And Censorship
Nothing has confirmed that we want funding decentralization greater than current censorship occasions, just like the trucker protest in Canada. A preferred crowdfunding platform, GoFundMe, froze the donated belongings of protesters, giving in to authorities stress. This protest and the ensuing authorities response, specifically the censoring of donated funds, proved that governments will attain into individuals’s pockets to attempt to cease our proper to disagree.
A bitcoin-solely crowdfunding platform that stepped up to the plate in the course of the protests was TallyCoin. TallyCoin enabled the protesters to obtain funds in bitcoin. This confirmed the world at giant the censorship-resistant properties that bitcoin carries with it. As lengthy because the undertaking remained open, the truckers might obtain funds.
As unwarranted as the federal government overreach was in the course of the trucker protest, full decentralization of crowdfunding platforms is not one thing that anybody is wanting to do. The funds are censorship resistant, whereas the undertaking is not. TallyCoin did eventually close the undertaking, however the truckers obtained their funds and nobody might take their cash away whereas the undertaking was lively on the web site, since bitcoin transactions are peer-to-peer.
A crowdfunding platform can not take the accountability of serving to fund criminal activity, on this case internet hosting tasks they would deem prison. While we are able to decentralize cash, making it censorship-resistant thanks to bitcoin, it is a problem to decentralize the content material of the platform fully.
Bitcoin provides a layer of censorship resistance to crowdfunding. The crowdfunding platform hosts tasks within the function of a 3rd get together, whereas bitcoin donations stay decentralized, since they are peer-to-peer. Therefore, the cash a person receives is as censorship resistant as bitcoin itself.
The Lightning layer is a recreation changer as a result of it permits for donations to are available in by way of third-get together web sites and varied social media platforms. For instance, you’ll be able to obtain donations instantly in your pockets by posting your static Lightning tackle or QR code on tweets and weblog posts. This signifies that a person wouldn’t want to log in to the crowdfunding platform to donate to your trigger.
One platform that is pushing the agenda for Lightning integration is Geyser.fund. This platform is a very good instance of what the brand new technology of dynamic crowdfunding platforms seem like. It is a Lightning-native crowdfunding platform that takes benefit of innovation alternatives that Lightning gives, together with:
- Lightning Addresses: Every undertaking on Geyser will get an built-in Lightning tackle that creators can leverage.
- Static QR codes. Creators obtain cash instantly into their wallets from their social media accounts by posting their static QR code, thus eliminating the necessity to log in to Geyser. This helps you to obtain funds from anybody, anytime and wherever.
- WEBLN browser integration. If you don’t choose QR codes, you need to use WEBLN browser integrations like Alby to obtain direct funds via your everlasting Lightning tackle.
- Live fund updates. The undertaking web page updates as quickly because the funds are available in. This exhibits customers how your undertaking is choosing up steam.
- Fully borderless crowdfunding. Thanks to Lightning, you’ll be able to ship and obtain funds on your undertaking regardless of the place you’re primarily based, and from wherever the place customers can scan your code to ship you ideas.
- Engagement with donors and the neighborhood. Project homeowners can write articles and publish updates about their undertaking web page to hold their neighborhood within the loop and engaged. This means, the undertaking is in a recurring, residing state.
- Interoperability with podcasting 2.0: Get tipped sats on your crowdfunding marketing campaign via the Fountain podcast app.
- Censorship-resistant funding. The funds go instantly into your Lightning pockets with out going via the third get together, on this case, Geyser. The platform solely hosts the undertaking, not the funds.
Dynamic Crowdfunding With Lightning
If you concentrate on it, all conventional crowdfunding platforms look alike: they are static pages. There is no engagement between communities and little or nothing taking place reside on the display.
On the opposite hand, Lightning-enabled crowdfunding web sites are dynamic. Everything is residing, partaking, altering and interacting with the customers on each ends. Dynamic crowdfunding broadens your undertaking’s attain and brings in additional funds via interplay and interoperability via social media platforms and browser integrations.
The conventional crowdfunding mannequin has turn into outdated due to authorities overreach and the technological alternatives supplied by the Lightning layer of bitcoin. Now bitcoin/Lightning-native crowdfunding platforms resembling Geyser.fund, TallyCoin, and OpenSats are benefiting from innovation alternatives that Lightning gives to revolutionize the sphere.
Through the Lightning layer, crowdfunding is changing into decentralized, censorship-resistant, peer-to-peer and dynamic. We instantly reap the advantages of higher advertising outreach via social media, diversifying methods of receiving funds, interoperability and neighborhood engagement — all of which enhance funding, viewership and accessibility.
So, why not make the most of it? If you’re wanting to assist fund a trigger, now you can do it out of your favourite social media platform, and for those who’ve already acquired a undertaking, share it on social media and get funded. It’s time for crowdfunding to evolve via Lightning interoperability and innovation.
This is a visitor publish by Kroum Kroumov. Opinions expressed are fully their personal and don’t essentially replicate these of BTC Inc or Bitcoin Magazine.