Written by: Yinan
(This article was first published on PANews: Gitcoin Beta round is coming, what you need to know about Gitcoin and Passport)
What is Gitcoin:
Gitcoin is an open source platform based on Ethereum dedicated to providing rewards and incentives to developers, designers, and others who contribute to the cryptocurrency ecosystem. Its main goal is to help open source projects obtain financial support while encouraging more people to participate in the development of these projects.
What Gitcoin can do:
Run a grant project: Create, customize, and deploy a grant project; review and approve applications; manage fund distribution and disbursements; verify trusted participants through Gitcoin Passport.
Fund your project: Create and edit a project profile; apply for funding rounds on any supported chain; verify ownership of project credentials; protect against malicious actors with Gitcoin Passport verification.
Donate to projects that need to raise funds: Browse and discover grantees within a given quadratic donation funding round; be able to donate to different projects in one seamless checkout process; prevent fraudulent transactions with Gitcoin Passport verification Apply.
Building protocols on the Gitcoin Stack: Gitcoin is launching the Gitcoin Grants Stack, a new product suite that allows any community to co-create, manage and grow grant programs.
Historical process:
2017—Gitcoin is established.
2018—Quadratic donation paper released.
2019—Funding program launched.
2021—Launch of GTC governance token.
2023—$50 million allocated.
About the quadratic donation matching mechanism:
Quadratic Funding is a method of allocating funds based on the number of donors. It aims to achieve equitable funding of public goods and projects, reduce the impact of large donors on funding results, and motivate more people to participate in donations. The basic principle of the quadratic donation matching mechanism is that the matching amount of donations has a quadratic relationship with the number of donors, not the size of the donation. Here's a calculator: Quadratic Quota Calculator
For example: the fund pool has 1,000 US dollars, and two projects 1 and 2 also received donations of 10 US dollars, but project 1 has more people donating. After applying the quadratic donation calculation formula, the fund quota it receives is higher. Many.
Vision:
Build and fund digital public goods, allowing a community of builders to connect and co-create the future of the open web.
Open Network—P2P communities build open source code, share open data, and adopt open governance.
Open Source—The world runs on open source protocols. On Gitcoin, open source builders work and make money in a collaborative culture.
Open Economy—Build open Web3 technologies that support the goals of financial freedom, shared ownership, and collaborative decision-making.
Several major sectors included in Gitcoin:
Bounty: Project owners publish tasks and provide cryptocurrency rewards for completing tasks.
Gitcoin Grants: A funding project based on quadratic donation matching, providing a more sustainable and predictable source of funding for open source projects.
Virtual Hackathons: Regular online events that encourage developers to participate in the development of open source projects.
Gitcoin Passport: is a Gitcoin user's digital identity, which contains the user's contribution, participation and reputation records on the Gitcoin platform. The purpose of Gitcoin Passport is to enable developers, organizations, and project owners to better understand and trust each other and enhance fraud prevention. Note: The score earned when linking to each media outlet is different, the threshold for Gitcoin Passport scoring is 21.76, and the highest possible score is 100. Any score above 21.76 is eligible for matching donation funds. (detailed score rules)
team:
Gitcoin was founded by Kevin Owocki, an experienced software engineer and entrepreneur. Currently leaving Gitcoin. Gitcoin's team consists of multiple blockchain technology experts, developers, and designers who work together to create a platform that can help the cryptocurrency ecosystem grow.
Token Economics:
Basic profile:
In May 2021, GItcoin released the governance token-GTC. GTC is a governance token with no economic value (written in official documents). The total amount of GTC is 100 million, initial allocation: Airdrop—15%
Gitcoin Dao—50%；Existing stakeholders—35%。
The current circulating volume is 59,913,342, the circulating market value is $133,342,472, and the fully diluted market value is $222,505,120 (as of 23/3/24, source coinmarketcap). Official introduction to GTC governance tokens.
use:
Vote on governance proposals on Snapshot.
Vote to decide which funding areas the Gitcoin Grants Program will focus on (e.g. climate solutions, DEI, Ethereum infrastructure, open source software).
Ultimately, the development of a thriving ecosystem that supports developers developing open protocols, enabling a more free, democratic, and decentralized web.
Gitcoin Dao：
To ensure that Gitcoin prioritizes its mission and community, Gitcoin is governed by the community. And vote on transactions on Gitcoin in the form of Dao.
Gitcoin operates on a quarterly cycle. Each quarter, the Gitcoin ecosystem revolves around a quarterly overlay event—a combination of Gitcoin Grants Rounds and Hackathons—that deploys millions of dollars in funding to the community.
How to participate in Gitcoin Dao
Sign up for the weekly GitcoinDAO digest.
Get involved on Discord, gov.gitcoin.co or Twitter.
View available positions posted on notice.
Use Gitcoin to earn, learn, or fund.
Governance:
Governance process:
Discussion → Proposal → Workflow → CSDO → Funding → Voting (Gitcoin DAO Governance Process v3)
How to participate:
Join the Gitcoin Discord to interact with the community.
Participate in governance proposals on the Gitcoin Governance Forum.
If you have tokens, you can delegate them to a manager, or delegate to yourself if you wish to participate as a manager.
Vote on Snapshot, Vote on Tally.
Financing:
2021/4/14/—Received US$11.3 million in investment led by cryptocurrency venture capital fund Paradigm.
2021/11/16—Received $500,000 raised by the Ethereum Foundation.
Similar platforms:
Bounties Network: Bounties Network is a decentralized bounty task platform that allows users to publish various tasks and provide Ethereum rewards. These tasks can include work in software development, design, marketing, or other fields.
SourceCred: SourceCred is a tool for quantifying and rewarding individual contributions in open source projects. It assigns "reputation" scores to contributors by analyzing the project's version control history and other metrics, and then provides them with rewards based on those scores.
CLR.Fund: CLR.Fund is a decentralized funding platform that uses a quadratic donation matching mechanism to raise funds for open source projects. Similar to Gitcoin Grants, CLR.Fund encourages donors to provide financial support for projects they like.
Summarize:
In general, Gitcoin is a bounty distribution platform that links developers, project builders and users. The roles are roughly divided into two types: fundraisers and donors. The previous round progressed to G15, after which the centralized grants (cGrants) platform will be phased out and the new grant protocol will be completely transitioned. The Gitcoin Program AlphaRound round was launched from January 17 to 31, 2023. The Alpha Round The difference is that there are three separate rounds held under the Alpha Round umbrella (OSS, ETH Infrastructure and Climate Round), each with its own unique link to the Grants Explorer where grants can be browsed using Quadratic Funding and donations. Gitcoin Passport was also integrated in the Alpha round to mitigate the impact of witch attacks.
As a public infrastructure, Gitcoin provides funds for many start-up blockchain projects, and at the same time brings these projects to users, linking the entire market, which can be said to provide vitality to the market, and is also listed separately in the Alpha round. Created a climate and regeneration category and started to think about the connection between virtuality and reality. Now, the gitcoin beta round is coming, so let’s look forward to it.
