Gitcoin has unveiled the mainnet launch of its Layer 2 Public Goods Network (PGN), designed to serve as a low-cost Layer 2 network dedicated to funding public goods.

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Gitcoin has introduced the mainnet activation of its Layer 2 Public Goods Network (PGN) in collaboration with third-party infrastructure provider Conduit. PGN is a cost-effective Layer 2 solution on Ethereum, aiming to fund public goods essential for decentralized applications and their users.

PGN, built with OP Stack, a software tool by the creators of OP Mainnet, adds to the list of Layer 2 projects like Coinbase-backed Base, Zora, and BNB Chain, which are either already developed or in progress using OP Stack.

PGN utilizes Optimistic Rollups technology to consolidate Ethereum transactions on a secondary layer, ensuring reduced user transaction costs while retaining Ethereum network security. It is Ethereum Virtual Machine (EVM) compatible and provides functionalities akin to the OP Mainnet, as per the team’s statement.

Funding Public Goods with Blockchain Technology

One notable aspect of PGN is its unique handling of sequencer fees, which pertain to the expenses related to processing and sequencing transactions on the Layer 2 system before their ultimate confirmation on the mainnet (Layer 1).

PGN will direct a substantial portion of these fees towards backing public goods projects, prioritizing the allocation of the revenue for public benefit instead of distributing profits to venture capitalists, as stated on its website.

Gitcoin’s PGN to fund open-source development

Gitcoin’s Public Goods Network (PGN) is a new initiative that aims to fund open-source development by using sequencer fees from the Ethereum ecosystem. The network will complement Gitcoin’s established operations, which focus on incentivizing open-source software development through bounties.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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Gitcoin is a platform that connects open-source developers with donors to fund and support open-source #projects . It uses a system called quadratic funding, which means that donors' contributions are multiplied based on the number of other donors who support the same project. This helps to ensure that the most popular projects receive the most funding.

Why is Gitcoin so important?

#Gitcoin is important because it helps to sustain the open-source ecosystem. Open-source software is essential for the internet, and Gitcoin provides a way to ensure that this software is developed and maintained by a community of dedicated developers.

How does Gitcoin work?

Gitcoin works by matching donors with open-source projects. Donors can contribute #ETH , which is then multiplied based on the number of other donors who support the same project. The funds are then distributed to the project's developers.

How can I use Gitcoin?

If you are an open-source developer, you can use Gitcoin to find funding for your projects. You can also use Gitcoin to support other open-source projects that you care about.

How is Gitcoin different from other crowdfunding platforms?

Gitcoin is different from other crowdfunding platforms in a few ways. First, Gitcoin uses quadratic funding, which means that donors' contributions are multiplied based on the number of other donors who support the same project. This helps to ensure that the most popular projects receive the most funding. Second, Gitcoin is focused on open-source projects. This means that the funds raised on Gitcoin are used to support the development of open-source software, which is essential for the internet.

Conclusion

Gitcoin is an important platform for the open-source ecosystem. It helps to sustain the development of open-source software by matching donors with open-source projects. If you are an open-source developer or a supporter of open-source software, I encourage you to check out Gitcoin.

Introduction

In the ever-evolving realm of blockchain and cryptocurrency, one platform is emerging as a beacon of innovation, collaboration, and transformation. Gitcoin, a pioneering force in the decentralized space, is not only reshaping how developers collaborate but is also offering a groundbreaking investment opportunity. As the world recognizes the potential of blockchain technology, Gitcoin stands at the forefront of driving progress and unlocking new avenues for growth.

A Platform for Innovation

At its core, Gitcoin is a platform that nurtures innovation by connecting developers, creators, and enthusiasts in an ecosystem designed to catalyze change. With its unique funding mechanisms, including the widely acclaimed Grants program, Gitcoin empowers developers to transform their ideas into tangible solutions. By leveraging the power of open-source collaboration, the platform accelerates the development of groundbreaking projects that have the potential to revolutionize industries.

Decentralization in Action

Gitcoin's commitment to decentralization is not just a philosophy; it's a tangible reality. The platform's governance model, fueled by its native token GTC, places decision-making power directly in the hands of the community. This decentralized approach ensures that no single entity controls the platform's direction, fostering inclusivity, transparency, and collective ownership. As the world seeks more equitable and democratic systems, Gitcoin embodies the principles of a decentralized future.

Investing in the Future

Beyond its role in fostering innovation, Gitcoin presents a compelling investment opportunity. The GTC token, a cornerstone of Gitcoin's ecosystem, offers investors a chance to align with a platform poised for exponential growth. Holding GTC provides not only a stake in the platform's success but also a voice in shaping its trajectory. As Gitcoin continues to gain traction and recognition, its value proposition as an investment asset becomes increasingly evident.

A Catalyst for Change

Gitcoin's impact extends far beyond the blockchain realm. By enabling collaboration on a global scale, the platform is contributing to real-world solutions that address societal challenges. Projects funded through Gitcoin Grants are tackling issues ranging from climate change and education to healthcare and social justice. As investors participate in Gitcoin's growth, they are indirectly contributing to meaningful change and societal progress.

Joining the Gitcoin Ecosystem

For those seeking to be part of a transformative movement, Gitcoin offers a unique opportunity. By engaging with the platform, individuals become part of a community united by a shared vision of innovation and progress. Developers gain access to resources, funding, and mentorship, while investors participate in the growth of a dynamic ecosystem. The synergy between developers, users, and investors creates a virtuous cycle that propels Gitcoin's mission forward.

Conclusion

Gitcoin is more than a platform; it's a catalyst for change, a hub of innovation, and a symbol of the decentralized future. As the world undergoes a paradigm shift towards blockchain technology, Gitcoin is leading the charge by redefining collaboration, governance, and investment. Whether you're a developer looking to bring your vision to life, an investor seeking to be part of a revolutionary movement, or an advocate for decentralized progress, Gitcoin invites you to be a part of its transformative journey.

$GTC #Gitcoin