Gitcoin: Open Source collaboration platform in the encryption field

Gitcoin is an Open Source platform based on Ethereum, aimed at providing rewards and incentives for contributors to the encryption currency ecosystem. The main goal of the platform is to secure funding support for Open Source projects while encouraging more people to participate in project development.

Main Features of Gitcoin

• Operating donation projects: creating, customizing, and deploying funding projects; reviewing applications; managing fund allocation and payments; verifying trusted participants through Gitcoin Passport.

• Project Fundraising: Create and edit project profiles; apply for funding rounds on supported chains; verify project credential ownership; prevent malicious behavior through Gitcoin Passport.

• Project Donations: Browse beneficiaries in the second round of donations; donate to different projects; verify through Gitcoin Passport to prevent fraudulent applications.

• Build Protocol: Gitcoin is launching Grants Stack, a new suite of products that allows any community to collaboratively create, manage, and develop grant programs.

Gitcoin Development History

• 2017: Gitcoin was established
• 2018: Second Power Donation Paper Published
• 2019: Funding program launched
• 2021: GTC governance token launched
• $50 million allocated in 2023

Quadratic Donation Matching Mechanism

The quadratic donation matching mechanism is a funding allocation method based on the number of donors, aimed at achieving fair funding for public goods and projects. It reduces the influence of large donors and encourages more people to participate in donations. The matching amount of the donations is related to the square of the number of donors, rather than the size of the donation amount.

Gitcoin's Vision

Gitcoin is dedicated to building and funding digital public goods, connecting the builder community to co-create the future of an open network. Its core principles include:

• Open Network: P2P community builds Open Source code, shares open data, and adopts open governance.
• Open Source: Work in a collaborative culture and get paid.
• Open Economy: Build open Web3 technologies that support financial freedom, shared ownership, and collaborative decision-making.

Main Sections of Gitcoin

• Bounty: Project owners publish tasks and provide cryptocurrency rewards.
• Funding Program: A grant project based on quadratic donation matching.
• Virtual Hackathon: Regularly held online events.
• Gitcoin Passport: A user's digital identity, which includes records of contributions, participation, and reputation.

Token Economics

In May 2021, Gitcoin released the governance token GTC. The total supply of GTC is 100 million, with the initial allocation as follows:

• Airdrop: 15%
• Gitcoin DAO: 50%
• Existing stakeholders: 35%

The main uses of GTC include:

• Vote on governance proposals on Snapshot
• Areas of focus for the Gitcoin grant program
• Support developers in building an Open Source protocol ecosystem

Gitcoin DAO

Gitcoin is managed by the community and votes on platform matters in the form of a DAO. Gitcoin operates on a quarterly basis, organizing activities around Gitcoin Grants Rounds and Hackathons each quarter, deploying significant funds to the community.

Governance

The governance process includes: discussion, proposal, workflow, CSDO, funding, and voting. Community members can participate in the following ways:

• Join Gitcoin Discord
• Participate in proposal discussions in the governance forum
• Delegate tokens or become a manager
• Vote on Snapshot and Tally

Financing History

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

Similar platform

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 matching mechanism.

Summary

Gitcoin is a bounty distribution platform that connects developers, project builders, and users. The platform has completed the G15 rounds and transitioned to a new grant agreement. The Alpha Round was launched in January 2023, introducing Gitcoin Passport to mitigate the effects of sybil attacks. As a public infrastructure, Gitcoin provides funding support for numerous startup blockchain projects while promoting these projects to users, injecting vitality into the entire market.