Gitcoin gtc

US$1.18 0.06%

Summary

Gitcoin is a protocol for building and funding digital public goods on Ethereum. Launched by Gitcoin Co. (the Team) in 2017, the protocol exists to grow, support and sustain open-source development, and ensure open-source developers do not capture the value they emit and instead work to actively fund open-source projects. They are currently the largest independent platform to fund open-source projects.

Gitcoin supports and funds digital public goods via its Gitcoin Grants program. This is a quarterly fundraising event enabling open-source projects to seek and receive community funding. The grants program consists of 2 elements:

  • A crowdfunding round: During quarterly fundraising events, users can donate funds towards projects they feel deserve support and provide important services in the ecosystem.
  • Large matching pool of funds (quadratic funding): Based on the results of the crowdfund, grant projects are awarded a percentage of the match pool by the GitcoinDAO through a process of quadratic funding. This is one of the core elements of Gitcoin’s funding model.

Since its launch, Gitcoin has provided $23M in funding to public goods.

gtc1

Other ways that Gitcoin supports open-source development:

  • Bounty program: Rewards users who find code flaws or complete projects posted by project leaders. Since launch, $3.54M in bounties have been paid to open-source developers.
  • Hackathons: A hackathon runs each grant round with prizes and helps foster a community of developers and hackers.
  • Quests: A gamified way to learn about the Web3 ecosystem, where users are rewarded with Kudos.
  • Kudos: A way for Gitcoin members to reward and show appreciation to one another.
  • Kernel: A curated community connecting individuals in the blockchain space. It runs for 8 weeks and is designed for builders, creators or developers to network together and foster talent in the Web3 ecosystem.
  • Quadratic lands: Anyone can participate in workstreams to build out GitcoinDAO such as working on public goods funding, creating solutions to collision problems or special projects. Any community member can propose a workstream.

GTC Token Utility

Gitcoin’s native token is GTC, an ERC-20 token with a maximum supply of 100M. Although established in 2017, Gitcoin only issued GTC in May 2021 through a retroactive airdrop to the community.

GTC governs the GitcoinDAO. The Team forked the governance model used by Compound and Uniswap, with the end goal of transferring full ownership to the DAO. Delegates, or ‘Gitcoin Stewards’, can influence and participate in key ecosystem decisions such as those involving disputes, treasury management and Gitcoin Grant distribution.

We believe that Gitcoin’s future is a community-centric, self-governing DAO that generates funding for public goods. GTC is the first step on our path towards progressive decentralization of Gitcoin. Each voice in the community has the power to shape our future.

GTC is distributed as follows; GitcoinDAO (50%), existing stakeholders (35%) and Retroactive airdrop (15%).

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