Introduction to Gitcoin and Overview of Functions

Gitcoin is an open-source platform based on Ethereum, aimed at providing rewards and incentives for developers, designers, and others who contribute to the cryptocurrency ecosystem. Its main goal is to help open-source projects gain funding support while encouraging more people to participate in the development of these projects.

Main Features of Gitcoin

1. Run donation projects: create and deploy funding projects, review applications, manage fund allocation and payments, verify trustworthy participants.

2. Project Funding: Create project overview, apply for funding, verify project credentials, prevent malicious actions.

3. Project Donations: Browse fund recipients, donate to different projects, and prevent fraudulent applications.

4. Build Protocol: Gitcoin is launching Grants Stack, allowing the community to collaboratively create, manage, and develop grant programs.

Development History

• 2017: Gitcoin was founded
• 2018: Release 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 fair funding, reducing the influence of large donors, and encouraging more people to participate. The matching amount of donations is related to the square of the number of donors, rather than the size of the donation amount.

Gitcoin's Vision

Build and fund digital public goods to connect builder communities and co-create the future of open networks. Focus on open networks, open source, and the open economy.

Main Sections of Gitcoin

1. Bounty: The project owner posts tasks and provides cryptocurrency rewards.

2. Funding Program: Grant projects based on quadratic donation matching.

3. Virtual Hackathon: Regularly held online events.

4. Gitcoin Passport: A user's digital identity, including contributions, participation, and reputation records.

Team

Gitcoin was founded by Kevin Owocki, an experienced software engineer and entrepreneur. The team currently consists of several blockchain technology experts, developers, and designers.

Token Economics

In May 2021, Gitcoin released the governance token GTC, with a total supply of 100 million. Initial distribution: Airdrop 15%, Gitcoin Dao 50%, existing stakeholders 35%. GTC is primarily used for governance voting.

Gitcoin Dao

Gitcoin is managed by the community in the form of a DAO and operates on a quarterly basis. Activities are organized each quarter around Grants Rounds and Hackathons.

Governance

Governance Process: Discussion → Proposal → Workflow → CSDO → Funds → Voting

Participation methods: Join Discord, participate in forum discussions, delegate tokens, and vote on Snapshot and Tally.

Financing Situation

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

Similar Platforms

1. Bounties Network: Decentralized bounty task platform
2. SourceCred: A tool for quantifying and rewarding contributions to open source projects.
3. CLR.Fund: A decentralized funding platform utilizing a quadratic donation mechanism

Summary

Gitcoin is a bounty distribution platform that connects developers, project parties, and users. It is transitioning from a centralized grant platform to a new grant protocol. The Alpha Round introduces Gitcoin Passport to mitigate Sybil attacks. As public infrastructure, Gitcoin funds early-stage blockchain projects and connects the entire market. The Beta round is coming soon and is worth looking forward to.