By FintechNews staff
Gitcoin or as commonly referred to as GTC is a community of protocols, builders, as well as creators that have joined hands to develop the future of the open internet.
In other words, Gitcoin is said to create an entire community that supports new and advanced infrastructure for Web3 including technologies, tools, as well as networks in order to foster development in the open-source sphere.
Not just that, Gitcoin is one such platform that is designed to coordinate and fund open-source development by novel means including quadratic funding. Also, it is worth noting that, as of June last year, Gitcoin has managed to facilitate over 21 million dollars in bounties and grants for open-source developers of course.
With the aim of supporting open-source projects, Gitcoin provides several ways to fund the work of talented developers on open-source software and promote collaboration between developers that do so. Some of the ways Gitcoin supports its mission are developer grants, bounties, hackathons, the Kernel Fellowship and Kudos.
Gitcoin is a fairly intelligent use of blockchain technology, something that more industries outside the strictly technical will be heading in short order. Coders will be paid independently through the platform, kind of like how Uber drivers are paid for ride-shares, just without the systemic misogyny. With Ethereum tokens, all payment rights can be enforced via Smart Contract, so that limits the risk to the developers and programmers themselves.
Besides financial incentives for developers to participate in hackathons and bounties, Gitcoin also uses a proprietary funding mechanism to incentivize developers to take on work on open-source projects. It’s called quadratic funding and, in short, it prioritizes projects with a broad appeal from many funding parties over those with similar liquidity but fewer backers.
Some of the current projects that are actively involved with the Gitcoin community include Harmony, Nervos Network, Tezos, Casper and Arweave .
Gitcoin was launched in November 2017 by Kevin Owocki, but has been community-driven ever since. So far, Gitcoin has provided almost $40 million of funding for open-source software and helped over 43,000 funders reach an audience of over 230,000 earners. Over 310,000 developers are active per month on Gitcoin.
As of today, the price of Gitcoin is about 15.54 US dollars with a twenty-four-hour trading volume of 66,378,923 dollars. Not just that, in just the past twenty-four hours, the value of Gitcoin has gone up by 10.28 percent, and with the current market cap of 220,586,268 US dollars, GTC is currently placed at #295 position as per the CoinMarketCap rankings.