The Gitcoin (GTC) project functions as a decentralized network of developers, creators, and protocols geared towards driving Web3 adoption. Web3 technology is already making major changes in our daily lives. The term Web3 technology refers to decentralized technologies like blockchain networks. Gitcoin seeks to increase the impact of these networks by funding and coordinating open-source development using proprietary strategies such as quadratic funding.
Notably, Gitcoin (GTC) continues to drive adoption through its vibrant community of open-source builders. The network has already helped thousands of projects develop and expand their decentralized networks. To date, the Gitcoin movement has paid out +$33.9 million in funding to 311,668 developers. Some of the current projects that are active members of the Gitcoin community include Harmony, Nervos Network, Tezos, Casper, and Arweave.
What Problems Does Gitcoin (GTC) Attempt to Fix?
It’s not easy launching a decentralized protocol nowadays. It takes funding, deep technical understanding, and the ability to get recognized by the market. In the past, these requirements were major hurdles to the expansion and adoption of these technologies. Gitcoin (GTC) alleviates these issues through its unique funding mechanism.
Gitcoin (GTC) provides a streamlined way for these projects to access the capital and resources they need to be successful. The network provides developers with access to a diverse range of tools and services including decentralized grants, dispute management systems, and the ability to govern the treasury.
The system also includes technologies and networks that enable people to lay the foundation for tomorrow’s digital public infrastructure. Development teams can find valuable guidance and more when they join the community. In this way, Gitcoin operates as a catalyst to encourage, fund, and build digital public goods projects.
Earn
In the past, developers would need to create their networks and then shop around to find investors. This situation often meant that the development team would need to fit the bill for the platform’s creation until funding was secured. Sadly, this left many developers unenthused as finding funding can sometimes take much longer than originally planned.
Project Discovery
Project discovery is another sector in which Gitcoin (GTC) shines. For many investors, it’s a real choir seeking out notable projects of interest in the market. It can take weeks of detailed research to determine if a project has the momentum and technical prowess to succeed. As such, developers aren’t the only ones who have found Gitcoin’s services useful.
There is a growing number of investors who use the platform to search out up-and-coming projects. The protocol’s search feature makes finding the best and brightest networks a breeze. You can also see details of the project and the amount of backing the community has shown for the concept.
Benefits of Gitcoin (GTC)
There are many benefits you obtain when you utilize Gitcoin (GTC). For one, it promotes the co-creation of projects on another level. By enabling the community to vote on what projects deserve funding and resources, the network serves a vital role in both recognizing talent and expanding awareness.
How Does Gitcoin (GTC) Work
Gitcoin (GTC) is a decentralized ecosystem that enables developers to earn rewards via a variety of avenues. The network combines a growing community of projects, developers, and investors. Notably, Gitcoin is an Ethereum-based project that enjoys the full security of the world’s largest Dapp ecosystem.
Quadratic Lands
One of the main goals of the project is to create independent self-promoting ecosystems called Quadratic Lands. These communities will incorporate digital democracy to remain cohesive and guide future development. These open networks are meant to create upward economic mobility for thousands of builders and ensure that projects that reflect the public good get funded.
Learning Sections
For those seeking more information on how to get involved with the network, or how to improve their own projects, there is a learning section. This feature is ideal for new projects because it enables them to communicate and work with industry leaders. As part of this strategy, Gitcoin (GTC) regularly hosts workshops and roundtable discussions. Notably, most of these communications are hosted by influential Web3 experts.
Fund
It’s not difficult for projects to secure funding within the Gitcoin community. The network leverages a community voting mechanism to decide on how the community treasury is spent.
Kernel Fellowship program
Perhaps the best feature of the Gitcoin (GTC) network is the Kernel Fellowship Program. This 8-week course enables developers to level up their skills and become more valuable within the community. Additionally, developers get familiar with other like-minded professionals seeking to build lasting working relationships.
GTC
The GTC token is the main governance token of the network. It enables users to participate in the decentralized voting system. Users that hold more GTC enjoy more weight with their votes. This strategy is common for community governance systems because it ensures those getting a say are financially vested in the network.
Final Word
Gitcoin’s unique model makes it stand out in the blockchain community. The network plays a crucial role in helping startups achieve their end goals. The combination of educational and financial resources make the network an excellent stepping stone for projects seeking to launch. You can expect to hear a lot more from Gitcoin (GTC) in the coming weeks as more projects it assisted go live.
