What is Gitcoin (GTC)?
Gitcoin is an open-sourced decentralised platform wherein the coders and developers can work together in different programming languages and get paid accordingly. The platform aims to collaborate with open-source projects by incentivising developers for taking the projects for development. It intends to create a community which supports new infrastructure for Web3 including tools, technologies and networks to foster development in the open-source sphere.
The platform focuses on funding public goods projects which are non-rivalrous and non-excludable like projects related to clean air, infrastructure and privacy. The platform funds only those projects that address blockchain with the Ethereum ecosystem. The platform also holds hackathons, and bounties to encourage developers to join the platform. Moreover, the developers may further submit the project that they are working on, on Gitcoin and crowdsource funding directly from other contributors.
| Launch Date | May 2021 |
| Founder | Kevin Owocki and Scott Moore |
| Blockchain Protocol | Ethereum |
| Native Token | GTC |
| Market Cap | $109.11 million |
| Token Type | ERC-20 & Native token |
| Circulating Supply | 59.91 million |
| Total Supply | 100 million |
| Consensus Method | Proof-of-Stake |
Read More: How to Buy Ethereum(ETH) in India
Who Are the Founders of Gitcoin?
Gitcoin was founded by Kevin Owocki and Scott Moore. Kevin, an alumnus of the University of Delaware is currently the CEO of Gitcoin. Before this, he founded multiple open-source projects and worked as an engineer. Besides, Moore started blockchain finance and further developed a fascination with Ethereum. The founders utilized their digital background and quickly produced more allies in the space including Ethereum co-founder Vitalik Buterin.
How Does Gitcoin Work?
Gitcoin mostly works on Github which is the primary hosting platform for coders. The platforms work within the perimeter of decentralization using the below-mentioned tools.
Gitcoin Bounty Program
In this program, the companies provide a series of challenges with difficulties, time limits and financial rewards. The participating developers can pick the bounties they wish to contribute. The larger the bounty, the higher may be the payouts depending on the amount funded and task difficulty making the system a highly desirable and efficient method of crowdfunding or even developing new technology. Besides, Web3 developers can also create and build projects and foster relationships through a collaborative program called the Kernel Fellowship.
Gitcoin Faucet
Procuring GTC, the native token of Gitcoin can be done through fiat currencies, by buying on the exchanges and also earned in small quantities through Apps in exchange for tasks which is called a Faucet.
What Makes Gitcoin Unique-Use Cases?
- Gitcoin is a platform that supports community building, mainly for the open-sourced projects
- The platform aims to create a future vision called ‘Quadratic lands’ which is a digital ecosystem with digital democracy emphasising community building.
- The native token GTC can be used for the governance of the platform where the holders can vote for the developments
- The individuals can participate in hackathons hosted by the projects and earn rewards and connect with peers
How to Buy Gitcoin in India?
To buy Linear Finance in India, just follow the below-mentioned steps:
- Download the CoinDCX App on your Smartphone
- Enter the details required for registration
- Complete KYC
- After your profile is verified, fund your wallet and buy a GTC.
