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Gitcoin Beta round is coming soon. Here's what you need to know about Gitcoin and Passport.

以南说

2023-04-07 17:24

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Original Title: "What You Need to Know About Gitcoin and Passport as Gitcoin Beta Round Approaches"

Source: Yinan, PANews

Gitcoin 是什么：

Gitcoin是一个基于以太坊的开源社区，旨在通过激励开发人员和开源项目之间的合作来推动Web3生态系统的发展。

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

What can Gitcoin do?

Run a donation project: Create, customize, and deploy a funding project; review and approve applications; manage fund allocation and payments; verify trustworthy participants through Gitcoin Passport.

Raise funds for your project: Create and edit project introduction; 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 recipients in the given quadratic funding rounds; donate to different projects in a seamless checkout process; prevent fraudulent applications through Gitcoin Passport verification.

Building protocols on the Gitcoin stack: Gitcoin is launching the Gitcoin Grants Stack, a new suite of products that enables any community to collaboratively create, manage, and grow grant programs.

Historical Process:

2017 - Gitcoin was founded.

2018 - Quadratic Donation Paper Release.

2019 - Funding program launched.

2021 - The launch of governance tokens for GTC.

2023-50 million US dollars have been allocated.

About the quadratic donation matching mechanism:

Quadratic Funding is a funding allocation method based on the number of donors. It aims to achieve fair funding for public goods and projects, reduce the impact of large donors on funding results, and encourage more people to participate in donations. The basic principle of Quadratic Funding is that the matching amount of donations is proportional to the square of the number of donors, rather than the size of the donation amount. Here is a calculator: Quadratic Funding Calculator.

For example, suppose there is a fund pool with $1000. There are two projects, Project 1 and Project 2, both receiving a donation of $10. However, Project 1 has more donors, and after calculating using the quadratic funding formula, it will receive a larger share of the funds.

Vision:

Open Network - P2P community building open source code, sharing open data and adopting open governance. Open source - the world runs on open source protocols. On Gitcoin, open source builders work and earn in a collaborative culture. Open economy - building open Web3 technology that supports financial freedom, shared ownership, and collaborative decision-making goals.

Gitcoin includes several major sections:

Bounty: The project owner releases tasks and provides cryptocurrency rewards for completing them.

Gitcoin Grants: A funding program based on quadratic matching donations, providing more sustainable and predictable funding sources for open source projects.

Virtual Hacker Marathon: A regularly held online event that encourages developers to participate in the development of open source projects.

Gitcoin Passport: A digital identity for Gitcoin users that includes their contributions, participation, and reputation records on the Gitcoin platform. The purpose of Gitcoin Passport is to enable developers, organizations, and project owners to better understand and trust each other, and to enhance fraud prevention. Note: The score obtained when linking to each media is different. The threshold for Gitcoin Passport scoring is 21.76, and the highest possible score is 100. Any score above 21.76 is eligible for matching donation funds.

Team:

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

Token Economics:

Basic Overview:

In May 2021, Gitcoin released its governance token - GTC. GTC is a governance token with no economic value (as stated in the official documentation). The total supply of GTC is 100 million, with an initial allocation of 15% through airdrop.

Gitcoin Dao—50%；Existing stakeholders—35%。

The current circulation is 59,913,342, with a circulating market value of $133,342,472 and a fully diluted market value of $222,505,120 (as of 23/3/24, source: coinmarketcap). Here is the official introduction to GTC governance token.

Usage:

Vote on governance proposals on Snapshot. The vote will determine which funding areas Gitcoin Grants will focus on (such as climate solutions, DEI, Ethereum infrastructure, open-source software). Ultimately, supporting the development of a thriving ecosystem of developers building open protocols, enabling a more free, democratic, and decentralized web.

Gitcoin Dao：

In order to ensure that Gitcoin prioritizes its mission and serves its community, Gitcoin is managed by the community. Transactions on Gitcoin are voted on in the form of a Dao.

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

How to participate in Gitcoin Dao

Participate in interactions on Discord, or Twitter.

View published on Notion.

Use Gitcoin to earn money, learn, or fund.

治理：

translates to

Governance:

in English.

治理流程：

translates to

Governance Process:

in English.

Discussion-Proposal-Workflow-CSDO-Funds-Voting

How to participate: Join the 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 them to yourself. Vote on Snapshot and Tally.

Funding:

On April 14th, 2021, received a $11.3 million investment led by Paradigm, a cryptocurrency venture capital fund.

2021/11/16 - Received $500,000 raised by the Ethereum Foundation.

Similar Platforms:

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.

SourceCred：

SourceCred is a tool used to quantify and reward individual contributions in open source projects. It assigns "cred" scores to contributors by analyzing the project's version control history and other metrics, and then provides rewards based on these scores.

CLR.Fund：

CLR.Fund is a decentralized funding platform that uses a 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 through links. There are two main roles: fundraisers and donors. Previous rounds have reached G15, and centralized grant (cGrants) platforms will be phased out and fully transitioned to the new grant protocol. The Gitcoin Program Alpha Round was launched from January 17th to 31st, 2023, and it differs from previous rounds in that it includes three independent rounds (OSS, ETH Infrastructure, and Climate Round) under the protection of Alpha Round. Each round has its unique link to Grants Explorer, where Quadratic Funding can be used to browse grants and donations. Gitcoin Passport was also integrated during this Alpha round to mitigate the impact of Sybil attacks.

Gitcoin, as a public infrastructure, provides funding for many startup blockchain projects and also brings these projects to users, connecting the entire market. It can be said that it provides vitality to the market. In the Alpha round, a separate category for climate and regeneration was also listed, beginning to consider the connection between virtual and reality. Now, the Gitcoin beta round is coming soon. Let's look forward to it together.