Gitcoin aims to incentivize and support open-source software development and the creation of public goods in the digital space. It was launched in November 2017 with the belief that open-source software is fundamental to software development and modern computing.
The Gitcoin project seeks to foster collaboration on open-source projects by incentivizing developers through bounties. Users can fund specific technological development issues and crowdsource support from available developers on the Gitcoin platform.
One of the critical mechanisms utilized by Gitcoin is quadratic funding. It is a crowdfunding structure where individual donations get matched with funding from larger pools of funds supplied by more prominent donors. This approach ensures a more democratic and fair distribution of funds for public goods projects.
The native governance token of the Gitcoin platform is GTC, an ERC-20 token built on the Ethereum blockchain. GTC is intended for community platform governance, allowing token holders to participate in decision-making.
