Gitcoin (GTC) has been an instrumental platform in the blockchain and open-source communities since its inception in 2017. It was founded with a mission to support and sustain open-source projects, recognizing early on the challenges faced by such initiatives in securing consistent funding and resources. Gitcoin introduces innovative solutions like Gitcoin Grants and the Gitcoin Passport, leveraging the concept of Quadratic Funding and blockchain technology to democratize funding for public goods and digital infrastructure projects.
The project has evolved significantly since its launch. Initially focused on bounties to support open-source contributions, Gitcoin expanded its services due to the limitations and transactional nature of bounties. It ventured into areas like Gitcoin Grants, which became a cornerstone for funding public goods through Quadratic Funding. This approach has been successful, with Gitcoin Grants raising significant funds for various projects across DeFi, climate solutions, and open-source software.
GTC, the native token, plays a pivotal role in enabling decentralized governance and community ownership over Gitcoin's ecosystem. This governance model allows GTC token holders to participate actively in decision-making processes, influencing the platform's development and strategic direction. One of the critical functionalities of the Gitcoin Passport is to allow Web3 citizens to prove their humanity by staking GTC, enhancing the platform's security and trustworthiness.
Gitcoin's journey has been marked by growth and resilience, navigating through bear markets and emerging as a key player in the Ethereum ecosystem. The transition to a DAO (Decentralized Autonomous Organization) in May 2021 was a significant milestone, emphasizing Gitcoin's commitment to decentralized governance and community-led development. This move has empowered the community to propose and launch workstreams, contributing actively to Gitcoin's mission.
