Gitcoin is a platform that pays or rewards programmers, coders, and developers to work on an open-source software where a wide variety of programming languages is used. On Gitcoin, creators come together to assemble ideologies that will develop the future of the open internet.
It is a community that supports that aims to build a new infrastructure for Web3 and also promote the development in the open-source sphere.
Asides from being a collaborative arena for developers and coders, Gitcoin also rewards the participants with its utility token, GTC.
They partnered with Quadratic Funding to fund developers looking for meaningful development that can engineer the success of the open internet forward.
Since its launch in November 2017, Gitcoin has granted nearly $16M of funding to over 310,000 aspiring and well-meaning developers. In addition, Gitcoin has also rewarded a total of $3.54M to open-source developers as bounties.
The Decentralized Autonomous Organization (DAO) is the developmental vessel of Gitcoin. It includes community members coordinating to fund public goods and also involves the Gitcoin token (GTC) to make decisions about where to allocate resources.
Gitcoin’s DAO will supervise the community’s treasury of GTC tokens, along with offering a governance framework for delegates (called Gitcoin Stewards) to participate in key ecosystem decisions such as fund allocation, matching pools, and grant collusion.
GTC is a governance token and a means to progressively decentralize the Gitcoin platform through the GitcoinDAO. It is a fork of the COMP/UNI governance systems and is built with a delegation prompt built into the retroactive claim process.
One of the goals of Gitcoin is to introduce additional formal frameworks for the ongoing development and maintenance of Gitcoin, as managed through on-chain voting.
With a contract address of 0xde30da39c46104798bb5aa3fe8b9e0e1f348163f, GTC has no economic value and is rather used as a governance token to oversee the Gitcoin ecosystem. Although it is awarded to active participants, it has no claim on financial rights.
Who Are the Founders of Gitcoin (GTC)?
Gitcoin was founded by Kevin Owocki and Scott Moore.
Kevin has a Bachelor’s in Computer Science and is also a community organizer in the Boulder Colorado Tech Science. He has over 15 years of engineering leadership in Open Source Software and Web Startups. He serves as the Chief Executive Officers of Gitcoin.
Scott Moore is Co-Founder, Developer Relations Lead at Gitcoin, Open Source Enthusiast, Ecosystem Support Group Member at Ethereum. Formerly, Grants Advisory Committee at ConsenSys, Grants Advisory Committee at Ethereum Community Fund, Co-Founder of Finnovate.io, Advisor at Astronaut Capital and Picolo Research, Co-Founder of GitToken (Acquired). He serves as the Director of Research as technical growth lead.
What is Gitcoin (GTC) used for?
Gitcoin is a site for developers, coders, and programmers to code a variety of programming languages.
Whilst coding, developers get to learn new things, solve new problems, and proffer solutions to limitations concerning open-source.
Gitcoin also rewards developers that actively participate on the platform.
Rewards and Incentives
In a bid to fast-tracking the development, several bounties have been put out to allow developers to proffer solutions to them. In return, developers get to receive GTC tokens as a reward.
Gitcoin awards grants to aspiring developers who require financial resources to create new technologies that will fast-track the development of Open source internet.
What Makes Gitcoin (GTC) Unique?
Gitcoin supports community building, specifically for open source projects that promote the integration of Web3 and programming thus, a unique feature.
As of June 2021, over $21 million has been awarded to over 310,000 developers for open-source projects through Gitcoin.
In addition, there are over 160,000 active developers monthly and a little over 1,600 projects created.
It also aims to create a digital world known as Quadratic Lands. A digital ecosystem that operates on digital democracy and a strong emphasis on community building.
Gitcoin also allows users to submit their project ideas to the Gitcoin platform to crowdsource funding from contributing donors. Aside from direct community crowdfunding, Gitcoin employs a unique system known as quadratic funding to help match community funding efforts to accelerate the development of the projects the community deems most popular.
This increases the chances of developer access to funding irrespective of the huge number of developers requesting the same funding.
How Many Gitcoin (GTC) Coins Are There in Circulation?
The total supply of GTC is 100,000,000 (100M) tokens, broken down as follows.
- Retroactive Airdrop – 15%
- Gitcoin DAO – 50%
- Existing Stakeholders – 35%
This distribution intends to split GTC evenly between past and future contributors. 50% to those who’ve built Gitcoin so far (retro and stakeholders) and 50% to the community builders.
It currently has a circulating supply of 14,198,202 GTC coins.
How Is Gitcoin (GTC) Secured?
The Gitcoin ecosystem is protected with Sybil defenders that craft solutions to prevent Gitcoin from becoming susceptible to Sybil attacks from external forces. Its progressive and decentralized architecture curates a more modular and simplified environment to better facilitate ongoing community governance. This, with no doubt, has sent a clear message that the team emphasizes quality in everything they do.
How do I buy Gitcoin (GTC)?
The Gitcoin platform focuses on funding “public goods” projects that are designed to benefit a lot of people. These kinds of goods do not promote rivalry or create an exclusion as they are designed to benefit everybody without necessarily competing with one another.
GTC tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy GTC through your trading account.
Which Cryptocurrency Wallet Supports Gitcoin (GTC)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Gitcoin (GTC). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their GTC wallet because it offers a simple GTC interactive interface making it easy for people to navigate its system.