Gitcoin is a platform where coders and developers may be compensated for their efforts on open-source software written in a number of programming languages. Users may also use the Gitcoin platform to crowdsource cash from contributing contributors for their own project ideas. Aside from direct community financing, Gitcoin uses a unique technique known as quadratic funding to help match community fundraising efforts in order to speed development of the most popular projects. Overall, Gitcoin is a platform meant to encourage the creation of important, open-source projects while also better aligning the interests of contributors and developers.

Gitcoin touts itself as a community of builders, inventors, and protocols working together to shape the future of the open internet. Gitcoin fosters growth in the open-source arena by forming a community that promotes new Web3 infrastructure, such as tools, technologies, and networks. GTC is Gitcoin's governance token, which was released in late May 2021. The token is required to create and fund the DAO that will control Gitcoin.

History

GTC is the governance token of the Gitcoin decentralized autonomous organization, which was launched on Ethereum in May 2021. (DAO). Gitcoin, founded in 2017 under the supervision of chief executive officer Kevin Owocki, is a financing platform where developers get compensated for developing Web 3.0 infrastructure.

As of the 1st of June, Gitcoin had raised 62.1 million USD in funding for over 2,520 projects. Over 312,000 active developers use the platform.

How does it work

The Gitcoin governance ecosystem is centered on GTC, which uses a COMP/UNI type governance to provide on-chain voting, snapshot voting, and community-led governance. GTC is a normal ERC20-style coin with a 100mm supply at its core. 50% of the token supply has been assigned to those who have already added value to the ecosystem (community members, investors, and the present team), and the remaining 50% will be unlocked for future community management.

At the time of its inception, GitcoinDAO had an equal split between previous and future Gitcoin creators and participants. The tokens designated for future builders will be stored in treasury and managed by community stewards before being managed by the DAO. GTC has no monetary value; it is only a governance token.

Gitcoin is unusual in that it is a community-building tool, designed for open-source projects. Gitcoin aspires to develop a "Quadratic Lands" future vision - a digital ecosystem with digital democracy and a significant emphasis on community building.

Total supply and circulation

Total supply for GTC is 100 million coins, while circulating supply is 14,198,201 GTC coins.