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.
