Gitcoin is a decentralized collaboration platform built on the Ethereum network. Gitcoin provides a community for developers to collaborate on open source projects through bounties, and an open platform for projects to apply for "grants" from the community and the Ethereum Foundation.

Its vision is to promote the open source movement by supporting all kinds of open source projects and free developers of open source projects through blockchain.

Open source software is the foundation for coordination tools that can help humanity solve its toughest challenges. Yet despite more than $500 billion in annual economic output, developers have traditionally had no way to pay their rent while working on open source projects. That's why they created Gitcoin: a platform to fund builders seeking meaningful open source work.

The Gitcoin team pioneered Quadratic Funding, a novel, democratic way to fund public goods in their quarterly Gitcoin Grants. Since its launch in November 2017, Gitcoin Grants have provided nearly $16 million in funding for public goods. This is in line with a $3.54 million bounty that has been paid out to open source developers around the world.

The DAO is a vehicle for Gitcoin's mission. It is made up of community members who coordinate the funding of public goods and introduce Gitcoin tokens (GTC) to determine the allocation of resources. GTC is a governance token for trusted neutral developer talent and public goods funding, as well as a means to progressively decentralize the Gitcoin platform through GitcoinDAO. The goal of the Gitcoin project side is to gradually introduce a more formal framework for ongoing Gitcoin development and maintenance, managed through on-chain voting. At launch, Gitcoin's DAO will oversee the community coffers for GTC tokens, while providing a governance framework for representatives (called Gitcoin Stewards) to participate in key ecosystem decisions such as fund allocation, matching pools, and allocations. GTC, a branch of the COMP/UNI governance system, has established a delegate prompt in the traceability appeals process. They hope this process will build Gitcoin's DAO ecosystem with a higher turnout than any blockchain-based governance system in the past.

Launched in May 2021, GTC is Gitcoin's governance token. Users can use GTC to vote on proposals or upcoming projects; The more tokens a user has, the higher their voting power.

Gitcoin reconstructs the way it invests in early-stage community projects through a "second-order vote" algorithm.

Decentralized autonomous organizations (DAOs) are an important emerging trend in the blockchain industry because they empower community members to vote on the future direction and evolution of the platform. Gitcoin adopted this model and now has an active community that votes on proposals and helps manage project agreements. Community members who do not want to be involved in day-to-day decisions can entrust their votes to a trusted administrator who votes for proposals on their behalf in exchange for a percentage of the incentives offered. The Gitcoin Grant Pool helps attract new community members and developers to the program to benefit all of its partner projects as well. Grants use community support and secondary matching to provide funding for open source projects, and funds from the grant pool are also used to reward hackathon participants as well as community members who complete any listed bounty. The primary mission of the Gitcoin agreement is to help create and support the Web3 infrastructure. This includes developing new tools, technologies and networks that can further promote open source development. As a result, the Gitcoin ecosystem is willing to partner with various protocols and platforms to help them develop by hosting hackathons and providing development grants.

To mitigate witch attack vectors, or creating fake accounts for matching grants, Gitcoin currently uses a Sybil detection algorithm (assigning users a Sybil score), As well as motivating users to authenticate on a number of different platforms (primarily BrightID, Idena, POAP, and 3Box), providing more grants matches with each additional layer.

Distribution of GTC tokens: Airdrop -- 15%; Gitcoin DAO -- 50%; Shareholders -- 35%. GTC has no economic value; It is a governance token used to oversee the Gitcoin ecosystem. It has no financial claim.

A core function of Gitcoin is to use second-order voting for crowdfunding and Grant configuration of projects. The original intention is to solve the problem of inefficient financing of Public Goods in the Ethereum ecosystem. But Gitcoin is already being used by other non-Ethereum communities, including Ether Classic (ETC). The second order voting is simply to count the "square root" of the vote as the score of the vote, such as 1 vote for 1 point, 100 votes for 10 points. This has the advantage of raising the cost of vote-buying while encouraging minority voting. Under this voting model, the cost to voters increases exponentially (quadratic) as the number of votes increases. According to the principle of second-order voting, at Gitcoin, the final amount of money received by a project is the "square root of the sum of funds" donated by community members. Assume that five community members vote on the project, and the corresponding votes are 1, 5, 10, 100 and 1000. The Grant amount for the project is 2,306.03 DAI, of which 1,116DAI will come from community members and the rest will be donated by the Ethereum Foundation. So the impact of each new contribution varies with the total contribution. The idea behind second-order voting actually reflects liberal radicalism. Liberal radicalism means that the will of the group is dominant, and individuals should make decisions in a way that serves their own interests. But at the same time, each individual is in a symmetrical state, and the cost of each citizen paying a unit for public goods will promote the cost of others paying a unit. It is an intermediate state between liberal individualism and liberal democracy. In liberal individualism, everyone gives something and makes a direct contribution to society, and everyone wants to maximize his return (personal gain minus personal investment). In this case, due to the non-exclusivity and non-competition of public goods, social welfare cannot be optimized. At the other extreme is "liberal democracy," in which public decisions are made through democratic voting that works for everyone.

Users who make any value contribution to the Gitcoin platform, including initiating a bounty, making a donation, giving advice, etc., will be eligible for airdrop. 1. Watch the video and answer two questions. 3. Confirm the address for receiving GAS and fuel and pay for receiving GAS and fuel.

Gitcoin isn't the only platform funded by open source developers. Gitcoin refers to Web3World's open source developer financing platform, which faces stiff competition from the global developer community and HackerLink, the open source developer incentive platform of decentralized global geek organization Dorahacks. With the support of the Dorahacks community, the number of platform developers, the number of open source projects, and the total amount of funding is growing rapidly, while HackerLink predated GitCoin by integrating Dora, the original governance token for the Dao infrastructure Dora factory, into the platform's various funding mechanism designs. Hackerlink and GitCoin are two of the most important funding platforms for open source developers in the world. Both platforms focus on tool iteration and mechanism innovation funded by open source developers.

Someone once described Gitcoin as the "Arsenal" of Ethereum. Every public chain wants a Gitcoin, but only ETH has the community energy to activate this product. The elements of this vitality include: foundations with money and will; Active developers; Enthusiastic and somewhat idealistic community users; Market needed for commercialization of the project; Mature development experience.

Gitcoin is a developer community and the above features are designed for developers. Including bounty programs, hackathons, and so on, user engagement questions can earn some NFT. It can be as a thank-you, or a person can complete a q&A to prove that they have mastered certain skills and can earn a certain NFT. You play may also encounter all sorts of problems, but the overall is quite interesting, you can learn a lot of interesting, new progress, more important is you can go more in-depth and project team closely, to communicate, can see a lot of interesting in the whole community, fresh and fun. I think on the whole it's worth participating in. For non-developers, GTC has a lot to offer that I think is worth getting involved with. There are a lot of proposals that are not only of interest to developers, but also to ordinary users. Infrastructure, for example, is something that everyone uses, and even though it may seem like it's being used by developers or by some teams, it's actually something that everyone can use. So when you make decisions, you can contribute to the development of the community through proposals or votes. There will be more gameplay for non-developers.

Crypto vision: "Gitcoin is the most dynamic and authoritative comprehensive project incubation open source platform for ETH. Since its establishment 17 years ago, it has continuously transported many high-quality projects, making great contributions to the ecological prosperity of ETH. If Uniswap is the secondary trading leader on ETH, Gitcoin is the primary incubation leader. Notable projects that have received funding through Gitcoin include: Uniswap, 1Inch. Exchange, Mask Network, etc. Without Gitcoin, we would have lost a lot of good projects, so you can imagine how important it is."

Gitcoin is a community of builders, creators and protocols at the heart of the future of the open Internet. Gitcoin's mission is to build the next generation Of Web 3.0 open source, economically empowered Internet. Gitcoin offers a variety of services. Developers can earn cryptocurrency by working on open source projects and learn about blockchain development with useful documentation along the way. In addition, liaise with other developers and work on various projects. Last but not least, leverage Gitcoin's money and DAO to get your application funded and brought to market faster than ever before. As one of the most community-focused programs on the market, Gitcoin's price rise was predictable. Gitcoin is rapidly developing its ecosystem. GTC's overall valuation of just $342 million on a transaction value of $930 million is now significantly undervalued. It's worth noting that Gitcoin has dozens of projects and thousands of developers, which means there's still potential for growth. So we can see its potential in the future.