What is Gitcoin? Everything you need to know about the GTC cryptocurrency

• What is Gitcoin?
• Outstanding Features of Gitcoin
• Pros and cons of Gitcoin
• Things to know about GTC token
• Conclude

What is Gitcoin?

The concept of Gitcoin

Gitcoin is an open source bounty platform on Ethereum. Gitcoin enables open source developers to get paid for their work. In return, open source projects are exposed to a community of hard-working developers that they may not otherwise have access to. Gitcoin's main goal is to grow the open source community by enabling better incentivized mechanisms.

The name Gitcoin is a portmanteau of Git and Bitcoin – a combination of the most popular open source version control system (Github) and the current leading cryptocurrency.

Gitcoin Development Team

Gitcoin is a product born by Github, the community dedicated to the team of developers. Gitcoin plays the role of supporting those developers to have favorable conditions to build and develop projects. Gitcoin's team consists of veteran Devs in the market since 2017, they started the idea of ​​Gitcoin and built it. it's very early.

In terms of investors, Gitcoin completes a $11.3 million funding round led by Paradigm. In addition to Paradigm, VCs participating in this round include Electric Capital, IDEO CoLab, Naval Ravikant, and several other investors.

How Gitcoin Works

Gitcoin has the functionality of a governance ecosystem based on GTC tokens and can conduct on-chain voting. And instant community vote on every decision made for the company. In order for these people to vote for the community, they must own the company's GTC token. 50% is allocated to investor contributors, oldest communities, and existing workgroups. The rest will be unlocked for other members of the community so that the community can be managed in the future. Gitcoin tokens have no complete economic value, but they do have management value.

Gitcoin was founded on the fact that decentralized projects can hire quality workforce in a P2P fashion, no central office required. On Gitcoin you can sponsor issues to increase their bounty, reward developers you believe create value for the network and of course developers can find work for them to earn some Bitcoins. Coders can browse bonuses and apply. Then they try to complete the challenge. If the programmer can solve what is required, they will be paid the specified bonus amount. Gitcoin will receive a small commission on successful submission.

Outstanding Features of Gitcoin

Quadratic Funding

Gitcoin uses the idea of ​​Quadratic Funding, an idea that allows the allocation of funds based on community opinion, ensuring that projects receive funds proportional to the number of backers of the project without over-depending. much on the amount of users Donate. Thus, the more people Donate (no matter what amount), the more money the project will receive.

Quadratic Funding feature.

Funds raised from Ethereum community funding partners will be stored in the Matching Pool and used to fund open source projects. The amount of funding that projects receive in Gitcoin is calculated using the “Quadratic Funding” formula. Where the amount received by the project is proportional to the square of the sum of the square roots of the contributions received. In other words, the Quadratic Funding model creates a strong incentive for individuals to contribute even a small amount.

DAO protocol

DAO is the tool to carry out Gitcoin's mission. It consists of community members coordinating to fund the community product, the Gitcoin token (GTC) to make decisions about where to allocate resources. At its inception, GitcoinDAO will oversee the community treasury of GTC tokens, along with providing a governance framework for delegates  ( called Gitcoin Stewards) to participate in key ecosystem decisions. such as fund allocation… The goal of the DAO is to introduce more formal frameworks for the development and ongoing maintenance of Gitcoin, as managed through on-chain voting.

Read more: Learn about decentralized autonomous organizations (DAOs)

DAO protocol.

Reward mechanism

Gitcoin provides a very unique system to buy Gitcoin tokens in a simple and methodical way. Here, everyone will learn how to benefit from competition and increase decentralization in a calculated way.

Reward mechanism.

Gitcoin has a ranking system for completed tasks. There are a total of 303 tasks out of which 6 are created by Gitcoin and 297 are created by the community. By earning points and winning missions, users can earn Gitcoin tokens as rewards.

Pros and cons of Gitcoin

Advantage

• Gitcoin has support from Github, which already has a great reputation in the Developers community, whose product and future is a large number of users. 
• Having just launched the token, Gitcoin has quickly gained the backing of Coinbase , which contributes to the development of GTC in the future.
• Attractive reward mechanism, giving users many benefits.

Defect

The project does not publish a specific roadmap for users to get more information about Gitcoin's future direction.

Things to know about GTC token

Basic information about GTC token

• Price: 7.77USD (Price was recorded at the time of writing 06/30/2021).
• Market capitalization: 110.3 million USD.
• Total supply: 100 million tokens.
• CoinMarketCap ranking position: 257.

Functions of the GTC . cryptocurrency

GTC is the governance token of the Gitcoin ecosystem. They have the following basic functions:

• Provides a governance framework for Delegates. 
• Participate in key ecosystem decisions such as fund allocation, matching pools, and grant collaboration.

GTC Token Allocation

GTC tokens are allocated according to the following ratio:

• Retroactive Airdrop: 15%.
• Gitcoin DAO: 50%.
• Stakeholders: 35%.

Guide to owning GTC tokens

• Participate in tasks in the Gitcoin ecosystem to receive rewards.
• Buy directly on exchanges that have listed GTC tokens.

Instructions for storing GTC tokens

GTC is an ERC-20 token, so you can store it on many wallets:

• Myetherwallet Wallet : Mycrypto,  Metamask . 
• Hardware wallets: Ledger Nano S , Ledger NanoX, TreZor , imToken. 
• Applications:  Trust Wallet , Atomic Wallet.

Exchanges that support buying and selling GTC tokens

Currently, GTC token has been supported to list on prestigious international exchanges such as: Binance , Coinbase Exchange, Jubi, LBank, etc.

Conclude

Thus, just launched, GTC has attracted the attention of the community. GTC's market capitalization has reached the $70 million mark less than a day after listing. The current users file of Github is up to 95% traditional developers of web, app, common applications. If one day they realize Blockchain is growing and they want to try their hand at this field, then Gitcoin will be the shortest bridge for them to fulfill that need. And you, how do you rate this Gitocin project?