GTCUSD
Gitcoin / United States dollar
crypto

Gitcoin is a blockchain-based platform for projects, independent builders, and funders to connect and work together on open-source software. Project owners can post bounties together with the job details. While graphic designers and software developers can choose jobs that suit their skills and get paid in cryptocurrency. Gitcoin also helps sustain open source projects that offer meaningful values to the Web3 ecosystem through their quarterly grants which utilize Quadratic Funding, a democratic mechanism to fund public goods. Projects can create grants and funders can support projects that they deem beneficial to the Web3 ecosystem. In addition, individuals can participate in hackathons hosted by projects to earn prizes and connect with peers. Data and fundings are stored on the Ethereum blockchain, ensuring that Gitcoin is not in a position to monetize users' data. Gitcoin provides a platform for anyone contributing to open-source software development to build the next era of internet infrastructure while getting rewarded proportionally. Gitcoin has come to the attention of the Ethereum community due to its successful implementation of quadratic funding, a new class of social technology to fund public goods. Vitalik Buterin has frequently discussed the concept of quadratic funding throughout his blogs and research paper. A quadratic funding mechanism allows Gitcoin to optimize the result for the majority as opposed to traditional methods that favor those with more capital. The matching pool is at the heart of quadratic funding. A matching pool is a collection of funds provided by matching partners. Any entities, including companies, individuals, and even protocols that want to support public goods projects, can become matching partners. The funds collected in the matching pool are used to magnify the individual contributions to different projects. The funds from the matching pool are allocated in such a way that it favors projects with larger community input (number of unique contributions) rather than the capital amount. Gitcoin Grants Anybody can participate in quarterly Gitcoin grants rounds, either as a giver or receiver. Before the round kickoffs, matching partners contribute their funds to the matching pool held in a multi-signature wallet managed by the selected Ethereum community members. During the round, users can choose projects from the explorer and donate directly in cryptocurrencies. The activities of the grants round are recorded and reviewed by multi-signature wallet owners. The results can contain critical information such as distribution addresses based on DAI amount and malicious behavior conducted by users. A cycle of questions and feedback may occur on Telegram before the multi-signature wallet owners approve the distribution schedule and transfer funds from the matching pool over to the smart contract for distribution. The distribution of matching pool funds is allocated to grant owners based on a quadratic funding mechanism. Gitcoin Bounties Another popular feature of Gitcoin is that it offers a marketplace for people to find and work on bounties offered by web3 projects in need of extra help. Aside from the opportunity to learn new skills and earn money, the task itself is flexible, as participants can select bounties that are only interesting to them. From the funders' perspectives, bounties allow them to save time on non-core tasks and enable the core team to focus on the critical features. During the hire, projects get to explore talents through giving them actual problems to solve, an ideal way to recruit. Gitcoin bounties program works in the following way. Firstly, funders must create an issue on Github. After that, funders provide details such as Github URL, issue description, target timeline, skills required in this form and submit a transaction via web3 wallet to complete the process. Once confirmed on the blockchain, the issue will be published on Gitcoin, and funds will be locked up in an escrow contract which releases funds when a proof of task completion is accepted. Contributors express their intention to work, complete the job, and submit it for review. Finally, funders approve the submission and release funds to the corresponding contributors.