What is Gitcoin? GTC . project and token overview

• What is Gitcoin?
• Features of Gitcoin
• Gitcoin products 
• Kernel Fellowship
• Gitcoin Bounty
• Gitcoin Hackathon
• Kudos
• GitHub
• What is Gitcoin Grant?
• Grant Round 11 (GR11)
• What is Polygon/Matic?
• Grant Round 12 (GR12)
• Investors
• Development team
• Tokens of the project
• summary

What is Gitcoin?

Gitcoin describes itself as a community of builders and creators of protocols, who share the same goal of developing the future of the open Internet. Gitcoin is sponsoring open source projects, fostering collaboration among talented developers by:

• Sponsor Developers with Bounty, Hackathon, Kernel Fellowship and Kudos
• Sponsor resources such as: Education, technology, tools 
• A community that builds public digital infrastructure. 

In addition, Gitcoin also has an exclusive funding mode to incentivize developers to implement projects that benefit the whole community. Also known as quadratic funding in the short term, projects that attract more sponsors will be given preference over projects with similar liquidity but with fewer backers.

Features of Gitcoin

The main prominent feature of Gitcoin is its proprietary funding mechanism aka Quadratic Funding (quadratic funding). 

Any organization, company, individual and even protocols that want to support open source projects can become a suitable Matching Pool partner. Funds raised from all funding sources will be stored in the Matching Pool. 

The amount for which the project is funded will be proportional to the square of the sum of the square roots of the contributions received. 

Illustrate the Quadratic Funding mechanism (quadratic funding). Source: Finematics

Projects will receive capital proportional to the number of people backing the project instead of depending on a few large donations. This is not only in line with the goals of people who want to support blockchain projects for the community, but also with the needs of developers. 

People can support the projects they deem most valuable, while developers have an incentive to create more projects for the community than just focusing on the best funded projects.

Gitcoin products 

Currently, Gitcoin has managed a $28 million endowment for open source software. 

Notable projects that have benefited from Gitcoin funding include Uniswap , 1inch Exchange , Yearn Finance… In May 2021, Gitcoin's DAO and GTC governance token were launched to become decentralized. by transferring control to the community.

Kernel Fellowship

Kernel Fellowship is a program organized by Gitcoin that lasts for 8 weeks. Guests are top tech talent in blockchain, Web 3.0 and product development. 

Gitcoin's goal is to provide fellows with the opportunity to learn, build relationships, and fund the products they build from Web 3.0 companies and investors. 

Gitcoin Bounty

Another popular feature of Gitcoin is that it creates an environment for developers (Dev) to find and work to earn bonuses from Web 3.0 projects. 

Thereby, Devs can both earn money while learning new skills, and sponsors can save time on off-center tasks and allow them to focus on important features.

In addition, during the recruitment process, the project can discover more new talents by presenting real problems for the Dev to solve.

Gitcoin Hackathon

Gitcoin also hosts Hackathon contests. Participants will come up with solutions to the problems requested by the organizers for a chance to get rewarded with tokens of various protocols. 

Kudos

Each Kudos is a work of art encoded into NFT. Users can buy and gift Kudos to another Gitcoin member as a way to show their appreciation for the work done or simply to build relationships within the Gitcoin community. Kudos tokens can be bought and sold on the Kudos Marketplace.

GitHub

GitHub is a well-known public repository that allows developers to showcase their work track record. 

What is Gitcoin Grant?

Gitcoin Grant makes it possible for anyone to fund open source projects for the benefit of the community. Projects will be allocated capital according to the Quadratic Funding mechanism from Gitcoin's QF fund by sponsors from the Ethereum ecosystem. 

Gitcoin Grant focuses on community projects such as:

• Open source software
• Newspapers
• Community health
• Web3 projects

With the support of the Ethereum Foundation and other partners, the Gitcoin Grant is held quarterly: 

• Round 9: 10/03/21 – 25/3/21
• Round 10: June 16, 21 – July 1, 21
• Round 11: September 8, 2021 – September 23, 21
• Round 12: 1/12/2021 – 16/12/2021

Regularly scheduled Gitcoin Grant rounds will make it possible for the grantees to use these funds not only as additional donations, but also as a primary source of funding for their activities. 

Thanks to the generosity of the funding community and the Ethereum community, Grant Multisig has total assets of more than $7.5 million (excluding AKITA tokens) to support digital products for the public good. . Approximately US$965,000 will be used to pay for this round, with the remaining approximately US$6.5 million going to fund future rounds. 

Grant Round 11 (GR11)

The first round of Grant Round 1(GR1) ended in February 2019 with US$44,000 in funding. Gitcoin Grant Round 11 (GR11) was the largest Grant round in the history of Gitcoin with US$2.6 million raised, achieving over 56x growth in just two and a half years. 

There have been more than 486,000 crowdfunding contributions (189,000 from GR10). These contributions were made by 16,000 unique users (1,500 from GR10), both of which are the highest levels ever.

In previous rounds, users can browse many categories such as: Infrastructure technology, community… In this round, Vitalik Gitcoin, DAO and community manager, proposed innovation on quadratic funding, the team will gather into a single Match Pool.

In GR11, Gitcoin introduced an ecosystem circle to fundraise and inform the community of a particular project. Investors are increasingly interested in Gitcoin holding themed funding rounds. 

What is Polygon/Matic?

Users can fund the Grants they are interested in in three different ways: Standard payment, zkSync and the latest method is payment on Polygon/Matic. 

The introduction of Polygon/Matic payments on Gitcoin makes it possible to transfer funds directly to grant recipients. This method reduces gas costs for users by allowing bulk checks of an unlimited number of funding contributions at once.

Grant Round 12 (GR12)

For GR12, Gitcoin worked with the DAO to select three topics: Tech Advocacy, Climate Change, and Longevity.

Tech Advocacy

The top 3 projects in the Tech Advocacy group in terms of the highest amount of raised capital are: Coin Center, Blockchain Association, Electronic Frontier Foundation.

Coin Center 

Coin Center is a public blockchain training project, based in Washington, DC Coin Center is a leading nonprofit organization focused on public policy issues that cryptocurrencies and blockchain technologies are facing.

The organization is trying to promote a regulatory environment that facilitates the freedom to innovate using blockchain technology.

Coin Center also researches and publishes policy studies from reputable experts to educate policymakers and the media on blockchain technology.

The Blockchain Association – Blockchain Association

The Blockchain Association is an association of respected leaders of the US blockchain and cryptocurrency industry. 

Today, the process of applying blockchain technology to life still has many barriers, especially security issues. Therefore, legislators must put strict regulations on developers to protect the rights and property of users.

The association's goal is to improve the public policy environment so that blockchain platforms can thrive in the United States. They are committed to forging extensive partnerships with government, to share knowledge, identify opportunities, and work towards a more transparent, secure and equitable digital future.

Electronic Frontier Foundation (EFF)

The Electronic Frontier Foundation (EFF), founded in 1990, is a leading nonprofit championing digital privacy, freedom of expression, and innovation. EFF protects user privacy, freedom of expression and innovation through Q&A, impact, policy analysis, grassroots operations, technology developments. 

EFF's mission is to ensure that technology supports freedom and justice for all in the world. 

Even in the early days of the Internet, the EFF understood that protecting access to technology was central to advancing freedom for all. Today, EFF still uses all its capabilities to pave the way for open source software, crypto assets...  

Climate Changes

Founder Pledge

Current levels of emissions are responsible for millions of deaths annually from air pollution and cause irreversible damage to the earth. In addition, many people in the world do not have access to modern energy technology, seriously hindering development goals.

The Founders Pledge Fund is a non-profit investment fund. The fund is committed to finding and financing sustainable solutions to the emissions crisis without compromising growth.

By building a mixed portfolio of strong and credible funding opportunities, the fund aims to: tackle the human consequences of air pollution and look to the future. for more people to have access to clean energy technologies.

Bloom Network 

An international community of people and projects working with a focus on building a culture of regeneration. 

Bloom Network organizes experiential events locally and in the media. They create virtual interactive platform to increase public exposure to grassroots solutions. 

To do this, they pooled capital and other resources, designed a governance structure under the DAO mechanism, and put together proposals to allocate funds for regional regeneration.

Bloom's goal with GR12 was to raise enough funds to deploy Web 3.0 tools to empower the community.

Rainforest Direct 

The project's vision is to change the paradigm of international financial mechanisms related to environmental services and carbon sequestration.

The Rainforest Foundation 's model is to empower indigenous communities living in the Amazon rainforest to use satellite data, drones and smartphones to monitor territories against illegal deforestation. France.

The project has been scientifically proven effective in reducing deforestation. 

Rainforest Direct is an online platform that manages indigenous communities engaged in forest protection or reforestation, allowing individuals and companies to pay communities directly based on actual performance from data. satellite.

It applies blockchain technology towards creating a transparent, immutable, reliable record of the impact of forest reforestation and conservation efforts, and allows for sustainable results-based funding flow. steady. 

Longevity

Lifespan.io

Launched in 2015, Lifespan.io has become the news and crowdfunding platform dedicated to longevity research around the world.

They create thousands of articles, tens of millions of videos on the Web 2.0 platform and raise a fund of more than $750,000 for selected research projects.

Lifespan.io's transition to Web 3.0 will allow the project to go further. The project could implement new crowdfunding models specifically designed to attract millions of people. 

First, they will run community-resourced clinical trials that generate computer biomarkers of aging. The project will then develop the entire field of aging research, paving the way for exciting future applications of Metaverse to come. 

Investors

In April 2021, Gitcoin raised US$11.3 million in a Series A round led by Paradigm with the participation of many other institutions and investors such as: 1kx, Electric Capital, Naval Ravikant , Balaji Srinivasan… help them get rid of Consensys and become more independent. 

In May 2021, Gitcoin DAO and GTC token were launched, the goal is to become more decentralized by transferring control to the community. 

Development team

The project development team of Gitcoin are experienced programmers in the field of information technology and blockchain since 2017, they started the idea of ​​Gitcoin and built it very early.

Gitcoin was founded by Keving Owocki with Scott Moore. Owocki is chief executive officer, and Moore is technical development lead and research director.  

Tokens of the project

GTC is the governance token of the Gitcoin ecosystem. GTC is used to administer Gitcoin DAO. Gitcoin DAO will manage several aspects such as: community treasury, providing governance framework for delegates (called Gitcoin Steward), participating in important ecosystem decisions such as fund allocation , Matching Pool, and Grant Collection.

• Total supply: 100,000,000 GTC
• Current circulating tokens: 14,198,201 GTC
• Blockchain Network: Ethereum (ERC20)

Token Allocation: 50% of the supply is allocated to members who have contributed to the ecosystem in the past, and the remaining 50% will be allocated to future participants under the supervision of the DAO. As follows:

• Airdrop: 15% or 15,000,000 GTC for those who contribute or earn from Gitcoin Bounties, Hackathons and grants
• Stakeholder: 35% or 35,000,000 GTC 
• Community Treasury: 50% or 50,000,000 GTC for future participants.

According to CoinMarketCap statistics, GTC's market capitalization is currently 177,937,560.31 US dollars, ranked 341st with 6-month growth ROI: 30.35% (since June 8, 2021).

Some official information channels of the project that investors can follow are:

Website | Twitter | Medium | Re - dit | Youtube

summary

Open source has been a pioneer in the development of technology, generating more than 500 billion US dollars annually. However, there is a huge disparity between the economic value that open source brings and the income of developers. Therefore, Kevin Owocki founded Gitcoin with the goal of closing this gap.

More and more open source projects are using the Gitcoin platform to attract sponsors and raise capital. Therefore, analysts believe that Gitcoin is a visionary and promising project in the future. However, the above statement is not investment advice, every investment move should carefully consider the project information at that time and predict the volatility of the cryptocurrency market.

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