How Lightning Is Revolutionizing Crowdfunding

Lightning permits stay, up to date crowdfunding in a decentralized method that limits the affect of third events concerned.

That is an opinion editorial by Kroum Kroumov, a copywriter, editor and UX author.

Crowdfunding has at all times been an effective way to get funding in your work and to ship your ambitions flying. Most web crowdfunding platforms haven’t saved up with adjustments in politics, expertise and the advances of on-line interplay, primarily the expansion of on-line communities. Government censorship and overreach have performed a vital position in sparking a necessity for innovation in crowdfunding.

Right here, we are going to discover how Lightning is redefining crowdfunding, what new options have gotten attainable, and which crowdfunding platforms are taking the lead in innovation and elevating the bitcoin/lightning ecosystem to new heights.

Conventional Crowdfunding Platforms Are Outdated

Sadly, not everyone seems to be eager on new expertise, and plenty of establishments and corporations will struggle to maintain the established order, since they’re deriving advantages from it. Subsequently, innovation usually turns into a menace of their eyes. Governments, with their push to maintain a fiat system operating, are an instance of this. One other instance is authorities makes an attempt to digitize fiat currencies by way of CBDCs to maintain their fiat system going.

Crowdfunding platforms have additionally been sluggish in adopting bitcoin. We may simply attribute the sluggish tempo of bitcoin acceptance by crowdfunding platforms to authorities rhetoric, which has sown the seeds of uncertainty. No matter their reasoning, platforms that don’t adapt will develop into outdated, as a result of they’ll miss out on the probabilities that Lightning brings with it.

Authorities Overreach And Censorship

Nothing has confirmed that we want funding decentralization greater than latest censorship occasions, just like the trucker protest in Canada. A preferred crowdfunding platform, GoFundMe, froze the donated assets of protesters, giving in to authorities stress. This protest and the ensuing authorities response, particularly the censoring of donated funds, proved that governments will attain into individuals’s pockets to try to cease our proper to disagree.

A bitcoin-only crowdfunding platform that stepped as much as the plate through 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. So long as the undertaking remained open, the truckers may obtain funds.

As unwarranted as the federal government overreach was through the trucker protest, full decentralization of crowdfunding platforms will not be one thing that anybody is seeking to do. The funds are censorship resistant, whereas the undertaking will not be. TallyCoin did eventually close the undertaking, however the truckers acquired their funds and nobody may take their cash away whereas the undertaking was energetic on the web site, since bitcoin transactions are peer-to-peer.

A crowdfunding platform can’t take the duty of serving to fund criminal activity, on this case internet hosting tasks they might deem felony. Whereas we will decentralize cash, making it censorship-resistant due to bitcoin, it is a matter to decentralize the content material of the platform completely.

Lightning-Enabled Crowdfunding

Bitcoin provides a layer of censorship resistance to crowdfunding. The crowdfunding platform hosts tasks within the position of a 3rd get together, whereas bitcoin donations stay decentralized, since they’re peer-to-peer. Subsequently, the cash a person receives is as censorship resistant as bitcoin itself.

The Lightning layer is a sport changer as a result of it permits for donations to come back in by way of third-party web sites and numerous social media platforms. For instance, you may obtain donations immediately in your pockets by posting your static Lightning handle or QR code on tweets and weblog posts. Which means that a person wouldn’t have to log in to the crowdfunding platform to donate to your trigger.

One platform that’s pushing the agenda for Lightning integration is Geyser.fund. This platform is an efficient instance of what the brand new era of dynamic crowdfunding platforms appear to be. It’s a Lightning-native crowdfunding platform that takes benefit of innovation alternatives that Lightning supplies, together with:

• Lightning Addresses: Each undertaking on Geyser will get an built-in Lightning handle that creators can leverage.
• Static QR codes. Creators obtain cash immediately into their wallets from their social media accounts by posting their static QR code, thus eliminating the necessity to log in to Geyser. This allows you to obtain funds from anybody, anytime and anyplace.
• WEBLN browser integration. For those who don’t favor QR codes, you need to use WEBLN browser integrations like Alby to obtain direct funds by way of your everlasting Lightning handle.
• Dwell fund updates. The undertaking web page updates as quickly because the funds are available in. This reveals customers how your undertaking is selecting up steam.
• Totally borderless crowdfunding. Due to Lightning, you may ship and obtain funds in your undertaking regardless of the place you’re primarily based, and from anyplace the place customers can scan your code to ship you suggestions.
• Engagement with donors and the neighborhood. Venture house owners can write articles and put up updates about their undertaking web page to maintain their neighborhood within the loop and engaged. This fashion, the undertaking is in a recurring, dwelling state.
• Interoperability with podcasting 2.0: Get tipped sats in your crowdfunding marketing campaign by way of the Fountain podcast app.
• Censorship-resistant funding. The funds go immediately into your Lightning pockets with out going by way of the third get together, on this case, Geyser. The platform solely hosts the undertaking, not the funds.

Dynamic Crowdfunding With Lightning

If you consider it, all conventional crowdfunding platforms look alike: they’re static pages. There isn’t any engagement between communities and little or nothing taking place stay on the display screen.

Then again, Lightning-enabled crowdfunding web sites are dynamic. All the pieces resides, participating, altering and interacting with the customers on each ends. Dynamic crowdfunding broadens your undertaking’s attain and brings in additional funds by way of interplay and interoperability by way of social media platforms and browser integrations.

Conclusion

The normal crowdfunding mannequin has develop into outdated due to authorities overreach and the technological alternatives supplied by the Lightning layer of bitcoin. Now bitcoin/Lightning-native crowdfunding platforms equivalent to Geyser.fund, TallyCoin, and OpenSats are benefiting from innovation alternatives that Lightning supplies to revolutionize the sphere.

By way of the Lightning layer, crowdfunding is turning into decentralized, censorship-resistant, peer-to-peer and dynamic. We instantly reap the advantages of higher advertising outreach by way of 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? For those who’re seeking to assist fund a trigger, now you can do it out of your favourite social media platform, and if you happen to’ve already acquired a undertaking, share it on social media and get funded. It’s time for crowdfunding to evolve by way of Lightning interoperability and innovation.

It is a visitor put up by Kroum Kroumov. Opinions expressed are completely their very own and don’t essentially mirror these of BTC Inc or Bitcoin Journal.