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.