GitcoinPrice

(GTC)

Gitcoin is a decentralized collaboration platform built on the Ethereum network, focused on fostering open-source software development and funding public goods in the Web3 ecosystem. It was launched in November 2017 with the goal of incentivizing developers to contribute to open-source projects and to provide a mechanism for funding these projects. The platform addresses the challenge of under-compensation for open-source developers by offering financial incentives through various programs like grants, bounties, and hackathons. Gitcoin's core mission is to build and fund the open web, supporting projects that are non-exclusive and non-competitive, such as public libraries or open data, with a specific focus on open-source software within the blockchain space. A key innovation of Gitcoin is its use of quadratic funding. This funding model amplifies small donations with matching pools, ensuring that projects with broad community support receive more funding than those backed by only a few large donors. The number of contributions matters more than the monetary amount of individual donations in this system. Gitcoin Grants is a quarterly funding program that utilizes this method to help early-stage projects raise funds. The Gitcoin ecosystem is governed by its native token, GTC, which is an ERC-20 token. GTC is intended for community platform governance, allowing token holders to participate in decision-making processes, vote on proposals, and shape the platform's evolution. This token enables community ownership and decentralized stewardship of Gitcoin's products, protocols, and programs, operating as a Decentralized Autonomous Organization (DAO). The GTC token has no economic value and is used solely for governance within the Gitcoin ecosystem, with no claim on financial rights. Through this governance model, Gitcoin is transitioning towards complete decentralization, where the community will eventually oversee all platform governance. Learn more

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