Gitcoin: Open Source ecosystem innovation support platform

Gitcoin is an Open Source platform based on Ethereum, dedicated to providing incentives for developers, designers, and others who contribute to the cryptocurrency ecosystem. Its main goal is to help Open Source projects secure funding while encouraging more people to participate in the development of these projects.

Main Features of Gitcoin

• Run donation projects: Create and deploy funding projects, manage fund allocation and payments, and verify trusted participants.
• Raise funds for the project: Create project profile, apply for funding rounds, verify project credentials.
• Donation funds: Browse and discover grantees during funding rounds, and contribute to different projects.
• Build Protocol: Gitcoin is launching Grants Stack, allowing the community to collaboratively create and manage grant programs.

The Development History of Gitcoin

• 2017: Gitcoin was established
• 2018: Publication of the quadratic donation paper
• 2019: Funding program launched
• 2021: GTC governance token launched
• 2023: $50 million allocated

Quadratic Donation Matching Mechanism

This is a funding allocation method based on the number of donors, aimed at achieving equitable funding for public goods and projects. Its basic principle is that the matching amount of donations is related to the square of the number of donors, rather than the size of the donation amount. This mechanism can reduce the influence of large donors and encourage more people to participate in donations.

Gitcoin's Vision

Establishing and funding digital public goods to connect builder communities and collaboratively create the future of an open network. This mainly includes:

• Open Network: P2P community builds Open Source code, shares open data, and adopts open governance.
• Open Source: Encourage open source builders to work in a collaborative culture and receive rewards.
• Open Economy: Building Open Source Web3 technology that supports financial freedom, shared ownership, and collaborative decision-making.

The main sections of Gitcoin

• Bounty: The project owner publishes tasks and offers cryptocurrency rewards.
• Funding Program: Grant projects based on quadratic donation matching.
• Virtual Hackathon: Regularly held online events.
• Gitcoin Passport: A user's digital identity that includes contributions, participation, and reputation records.

Gitcoin's Token Economics

In May 2021, Gitcoin launched its governance token GTC. The total supply of GTC is 100 million, with an initial allocation of: 15% airdrop, 50% Gitcoin DAO, and 35% to existing stakeholders. GTC is primarily used for governance voting, determining the focus areas of funding programs, and more.

Gitcoin DAO

Gitcoin is community-managed and votes on platform matters in the form of a DAO. Each quarter, activities are organized around Grants Rounds and Hackathons.

How to participate in Gitcoin DAO:

• Register Weekly Summary
• Interact on Discord, forums, or Twitter
• View available positions
• Earn, learn, or fund using Gitcoin

Governance Process

The governance process of Gitcoin includes: discussion, proposal, workflow, CSDO, funding, and voting.

Ways to participate in governance:

• Join Discord and interact with the community
• Participate in proposal discussions in the governance forum.
• Delegate tokens or participate as a manager
• Vote on Snapshot and Tally

Financing Situation

• April 2021: Secured $11.3 million led by Paradigm
• November 2021: Received $500,000 from the Ethereum Foundation

Similar platform

• Bounties Network: Decentralized Bounty Task platform
• SourceCred: A tool for quantifying and rewarding contributions to Open Source projects
• CLR.Fund: A decentralized funding platform that utilizes quadratic donation matching.

Summary

Gitcoin is a bounty distribution platform that connects developers, project parties, and users. It has completed 15 rounds of funding and is transitioning to a new grant protocol. Gitcoin serves as public infrastructure, providing funding for many startup blockchain projects and bringing these projects to users' attention, injecting vitality into the entire market. The Beta round is coming soon and is highly anticipated.