Gitcoin: Building Sustainable Development Models for Open Source Ecosystems

Gitcoin is an Open Source platform based on Ethereum, aimed at providing rewards and incentives for developers, designers, and others who contribute to the cryptocurrency ecosystem. Its main goal is to help Open Source projects receive funding support while encouraging more people to participate in the development of these projects.

Main Features of Gitcoin

• Run donation projects: create, customize, and deploy funding projects; review applications; manage fund allocation and payments; verify trusted participants.

• Raise funds for the project: create a project brief; apply for funding rounds; verify ownership of project credentials; prevent malicious activities.

• Project Donations: Browse Beneficiaries; Donate to Different Projects; Prevent Fraudulent Applications.

• Build Protocol: Gitcoin is launching Grants Stack, allowing any community to create, manage, and grow grant programs.

Development History

• 2017: Gitcoin was founded
• 2018: Publication of the quadratic donation paper
• 2019: Funding program launched
• 2021: GTC Governance Token Launched
• 2023: $50 million allocated

Secondary Donation Matching Mechanism

The quadratic donation matching mechanism is a funding allocation method based on the number of donors, aimed at achieving fair funding for public goods and projects. Its basic principle is that the amount matched to donations is related to the square of the number of donors, rather than the size of the donation amount. This mechanism can reduce the influence of large donors and encourage more people to participate in donations.

Gitcoin’s Vision

Gitcoin is dedicated to building and funding digital public goods, connecting builder communities to collaboratively create the future of an open network. Its core principles include:

• Open Network: P2P community builds open source code, shares open data, and adopts open governance.
• Open Source: Work in a collaborative culture and get rewarded.
• Open Economy: Building Web3 technologies that support financial freedom, shared ownership, and collaborative decision-making.

Main Sections of Gitcoin

• Bounty: Project owners publish tasks and provide cryptocurrency rewards for completing tasks.
• Funding Program: A grant project based on quadratic donation matching, providing ongoing funding for Open Source projects.
• Virtual Hackathon: Regular online events to encourage developers to participate in Open Source project development.
• Gitcoin Passport: A user’s digital identity that includes records of contributions, participation, and reputation, used to enhance trust and prevent fraud.

Team

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

Token Economics

In May 2021, Gitcoin launched the governance token GTC. The total supply of GTC is 100 million, with the initial distribution as follows:

• Airdrop:15%
• Gitcoin DAO:50%
• Existing stakeholders: 35%

GTC is mainly used for:

• Vote on governance proposals on Snapshot
• Determine the key areas of the Gitcoin funding program
• Support developers in building an Open Source protocol ecosystem

Gitcoin DAO

Gitcoin adopts a DAO model for community governance, operating on a quarterly basis. Each quarter revolves around Gitcoin Grants Rounds and Hackathons, deploying a significant amount of funds to the community.

How to participate in the Gitcoin DAO:

• Register Weekly DAO Summary
• Interact on Discord, forums, or social media
• View Available Positions
• Earn, learn, or fund projects using Gitcoin

Governance

Governance Process: Discussion → Proposal → Workflow → CSDO → Funding → Voting

Participate in Governance:

• Join Discord and interact with the community
• Participate in proposal discussions on the governance forum
• Delegate tokens or become a manager
• Vote on Snapshot and Tally

Financing Situation

• April 2021: Secured $11.3 million in funding from a cryptocurrency venture capital fund.
• November 2021: Received a $500,000 grant from the Ethereum Foundation

Similar Platforms

1. Bounties Network: Decentralized Bounty Task Platform
2. SourceCred: A tool for quantifying and rewarding contributions to Open Source projects
3. CLR.Fund: A decentralized funding platform using a quadratic donation matching mechanism.

Summary

Gitcoin is a bounty distribution platform that connects developers, project parties, and users. The platform has undergone multiple iterations and is gradually transitioning to a new grant protocol. The integration of Gitcoin Passport aims to mitigate the impact of sybil attacks. As a public infrastructure, Gitcoin provides funding support for startup blockchain projects while showcasing these projects to users, injecting vitality into the market. In the future, Gitcoin will continue to explore the connection between the virtual and the real, contributing to the sustainable development of the Open Source ecosystem.