The Gitcoin Beta round is coming soon, here are the things you need to know about Gitcoin and Passport

Author: Yinan, Yinan Says

Source: PANews

What is Gitcoin:

Gitcoin is an open-source platform based on Ethereum, dedicated to providing rewards and incentives for developers, designers, and others who contribute to the cryptocurrency ecosystem. Its main goal is to help open-source projects gain funding support while encouraging more people to participate in the development of these projects.

What Gitcoin Can Do:

• Run a donation project: Create, customize, and deploy a funding project; review and approve applications; manage fund allocation and payments; verify trusted participants through Gitcoin Passport.
• Raise funds for your project: Create and edit project profiles; apply for funding rounds on any supported chain; verify ownership of project credentials; prevent malicious actors through Gitcoin Passport verification.
• Donate to projects in need of funding: Browse and discover grantees in given quadratic donation funding rounds; be able to donate to different projects in a seamless checkout process; prevent fraudulent applications through Gitcoin Passport verification.
• Build protocols on the Gitcoin stack: Gitcoin is launching the Gitcoin Grants Stack, a new suite of products that allows any community to collaboratively create, manage, and grow grant programs.

Historical Timeline:

2017---Gitcoin was founded.

2018---Quadratic funding paper published.

2019---Funding program launched.

2021---Launch of GTC governance token.

2023---$50 million allocated.

About the Quadratic Funding Matching Mechanism:

The Quadratic Funding matching mechanism is a funding allocation method based on the number of donors. It aims to achieve fair funding for public goods and projects, reduce the influence of large donors on funding outcomes, and incentivize more people to participate in donations. The basic principle of quadratic funding is that the matching amount of donations is related to the number of donors in a quadratic manner, rather than the size of the donation amount. Here is a calculator: Quadratic Funding Calculator

For example: If there is a funding pool of $1000, and projects 1 and 2 each receive $10 in donations, but project 1 has more donors, after applying the quadratic funding calculation formula, it will receive a larger funding allocation.

Vision:

To establish and fund digital public goods, connecting builder communities to collaboratively create the future of an open network.

• Open Network---P2P communities build open-source code, share open data, and adopt open governance.
• Open Source---The world operates on open-source protocols. On Gitcoin, open-source builders work and earn in a collaborative culture.
• Open Economy---Build open Web3 technologies that support financial freedom, shared ownership, and collaborative decision-making goals.

Major Components of Gitcoin:

• Bounties: Project owners post tasks and offer cryptocurrency rewards for task completion.
• Funding Program (Gitcoin Grants): A funding project based on quadratic funding matching, providing a more sustainable and predictable funding source for open-source projects.
• Virtual Hackathons: Regular online events that encourage developers to participate in the development of open-source projects.
• Gitcoin Passport: A digital identity for Gitcoin users that includes records of contributions, participation, and reputation on the Gitcoin platform. The purpose of Gitcoin Passport is to help developers, organizations, and project owners better understand and trust each other, enhancing fraud prevention. Note: The scores obtained from linking each media vary, and the threshold for Gitcoin Passport scoring is 21.76, with a maximum possible score of 100. Any score above 21.76 qualifies for matching donation funds. (Detailed Scoring Rules)

Team:

Gitcoin was founded by Kevin Owocki, an experienced software engineer and entrepreneur, who has since left Gitcoin. The Gitcoin team consists of several blockchain technology experts, developers, and designers who are dedicated to creating a platform that helps the cryptocurrency ecosystem thrive.

Token Economics:

Basic Overview:

In May 2021, Gitcoin released its governance token---GTC, which is a governance token without economic value (as stated in the official documentation). The total supply of GTC is 100 million, with initial distribution: Airdrop---15%

Gitcoin Dao---50%; Existing stakeholders---35%.

Currently, the circulating supply is 59,913,342, with a circulating market cap of $133,342,472 and a fully diluted market cap of $222,505,120 (as of 23/3/24, source: coinmarketcap). Official introduction to the GTC governance token.

Uses:

• Vote on governance proposals on Snapshot.
• Vote to decide which funding areas Gitcoin Grants will focus on (e.g., climate solutions, DEI, Ethereum infrastructure, open-source software).
• Ultimately, support the development of a thriving ecosystem for developers to create open protocols, achieving a freer, more democratic, and decentralized web.

Gitcoin Dao:

To ensure that Gitcoin prioritizes serving its mission and community, Gitcoin is managed by the community and votes on matters related to Gitcoin in the form of a Dao.

Gitcoin operates on a quarterly basis. Each quarter, the Gitcoin ecosystem revolves around a quarterly stacked event------a combination of Gitcoin Grants Rounds and Hackathons------deploying millions of dollars in funding to the community.

How to Participate in Gitcoin Dao

• Register for the weekly GitcoinDAO Summary.
• Engage in discussions on Discord, gov.gitcoin.co or Twitter.
• Check the available positions posted on Notion.
• Use Gitcoin to earn, learn, or fund.

Governance:

Governance Process:

Discussion → Proposal → Workflow → CSDO → Funding → Voting (Gitcoin DAO Governance Process v3)

How to Participate:

• Join Gitcoin Discord to interact with the community.
• Participate in governance proposals on the Gitcoin governance forum.
• If you have tokens, you can delegate them to a manager, or if you wish to participate as a manager, you can delegate to yourself.
• Vote on Snapshot and Tally.

Funding:

2021/4/14---Raised $11.3 million led by the cryptocurrency venture capital fund Paradigm.

2021/11/16---Raised $500,000 from the Ethereum Foundation.

Similar Platforms:

1. Bounties Network: Bounties Network is a decentralized bounty task platform that allows users to post various tasks and offer Ether rewards. These tasks can include software development, design, marketing, or work in other fields.
2. SourceCred: SourceCred is a tool for quantifying and rewarding individual contributions in open-source projects. It assigns "cred" scores to contributors by analyzing the project's version control history and other metrics, then provides rewards based on those scores.
3. CLR.Fund: CLR.Fund is a decentralized funding platform that uses the quadratic funding matching mechanism to raise funds for open-source projects. Similar to Gitcoin Grants, CLR.Fund encourages donors to provide financial support for projects they like.

Summary:

Overall, Gitcoin is a bounty distribution platform that connects developers, project builders, and users, with roles broadly divided into fundraisers and donors. Previous rounds have progressed to G15, after which centralized grant (cGrants) platforms will be phased out and fully transitioned to the new grant protocol. The Gitcoin Program AlphaRound was launched from January 17 to 31, 2023, with the distinction that three independent rounds (OSS, ETH Infrastructure, and Climate Round) were held under the protection of Alpha, each with its unique link to Grants Explorer, where quadratic funding can be used to browse grants and donations. Gitcoin Passport was also integrated in this Alpha round to mitigate the impact of Sybil attacks.

As a public infrastructure, Gitcoin has provided funding for many early-stage blockchain projects while bringing these projects to users' attention, linking the entire market and providing vitality to the market. In the Alpha rounds, a separate category for climate and regeneration was also listed, beginning to consider the connection between the virtual and the real. Now, the Gitcoin beta round is coming soon, so let's look forward to it together.

Related Links:

Official Website: https://www.gitcoin.co/

Blog: https://go.gitcoin.co/blog

Knowledge Base Document: An official Gitbook document detailing all about Gitcoin

Twitter: https://twitter.com/gitcoin

Discord: https://discord.com/invite/gitcoin

Gitcoin Dao: https://gitcoin.notion.site/GitcoinDAO-22431fe7c9794d99986a028c23ce56b5