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GitHub is a platform built on GitHub that allows coders and developers to work on the platform’s open source software and in a variety of programming languages. Digital currency wages to receive In fact, we should introduce this platform as a paradise for coders because it provides them with any advantage they want. So, if you want to know more about gitcoin and its digital currency, GTC, don’t miss the continuation of this article.
What is the Gitcoin platform?
Launched in 2017, Gitcoin is a platform Independent decentralized organization (DAO) that encourages developers to Open source projects to work In fact, when the founders of the project realized that many software startups are abandoned shortly after their establishment due to lack of funding and, most importantly, development work, they thought of launching such a platform.
To solve the problems faced by startups, the founders of the project turned to open source technology. A space that allows developers to freely use existing software, modify it, and even distribute it under their own name by making homemade changes.
This means that developing companies can find innovative solutions to their problems with Gitcoin. On the other hand, this platform helps companies gain a clearer understanding of their customers’ needs so that they can provide them with better services.
Gitcoin platform development team
Gitcoin was founded by Kevin Owocki and Scott Moore in Denver. Owocki, the founder of this platform, had previously founded several other open source projects.
The platform’s founders used their backgrounds in the tech industry to promote open source and cryptocurrency development. It didn’t take long for them to grow their project rapidly in the digital space because the fans of this idea were increasing day by day. For example, Vitalik Buterin, the young genius of the Ethereum network, has repeatedly supported Gitcoin and its developers. His interest in this platform has even gone so far that he recently donated something like five million dollars in the form of AKITA (a meme coin) to this company.
Owocki and Moore also emphasize a lot They have financial decentralization and the importance of autonomous development and have talked about these issues many times in different conferences. The ultimate goal of the two is to help create new features to protect the Internet in the future. Owocki and Moore hope that Web 3 techniques can be seamlessly integrated into existing systems while also improving financial security through digital currencies.
What game source technologies does Gitcoin use?
The GitHub platform was created to help compensate developers who want to contribute to open source software. But this platform, in order to reach this important goal, takes help from several types of open source technologies. These technologies include:
Hackathons
Hackathons are events organized by GitHub. In such events, many programmers from all over the world come together to build a functional software project within a limited time frame. These events can be purely for practice or competitions designed as a motivational or confidence-building exercise to form a professional team.
Bounties
Gitcoin platform awards are monetary prizes awarded to a software developer or his team for what they have created. Rewards can be for anything from a web browser to an office tool or even a media player and generally any digital program that involves coding.
Developer grants
Developer donations on Gitcoin are actually a form of investment. This investment is usually made by a company or government. The government or the company that participates in this investment does not intend to buy the project or directly influence it, and only shares in its profit or loss. These grants are also often provided under the terms of an agreement and with certain conditions.
Quadratic funding
The meaning of second degree financing, It is an updated version with more flexible and democratic rules than traditional financing. This system also allows small shareholders to increase the budget of the project by investing a little. The Gitcoin platform uses this technology to fund public goods projects. We will talk more about this issue.
How does Gitcoin work?
Gitcoin helps open source projects get funded. It also offers solutions to contribute to the digital space by adhering to the core values of decentralized finance (DeFi). The platform fosters relationships between investors and developers in an organic and hands-on way. On the other hand, it helps programmers and developers with the help of open source techniques that we mentioned before.
Gitcoin performs most of the roles we mentioned through Github. GitHub is an ecosystem that was founded in 2008 and eventually became one of the first internet hosting platforms for coding projects. As such, Github serves as the primary interface for Gitcoin, offering a number of programs and projects geared towards achieving the cryptocurrency company’s stated goals.
The Gitcoin platform supports projects that focus on financing the production of “public goods” that are typically “rivalless” and “non-removable”. In other words, public goods projects are things like clean air, infrastructure, or providing users’ privacy, which are designed to help the entire community. This means that these projects benefit the society without competing with each other. However, most of the public goods projects funded by Gitcoin are related to blockchain projects. This system is relatively unusual, especially in the crypto space, and has made Gitcoin a head and neck above its competitors in the industry.
In this regard, this platform has provided more than 50 million dollars in funding for open source projects in the technology industry. Also, about 50,000 investors and nearly 25,000 blockchain developers have been able to get help from Gitcoin. It is interesting to know that Gitcoin has become so active and popular in the crypto community only with this feature that more than 300,000 developers visit the web domain of this system monthly.
Gitcoin Bounty Program
The Bounty Gitcoin program on the platform presents developers with a series of technological challenges, each with its own difficulties, time limits, and financial rewards. Developers who participate in this program can choose and participate in the rewards they want.
To participate in this program, a user must first create an issue on GitHub and raise the issue on the Gitcoin platform for funding. After this, contributors who intend to finance the project can express their opinion about the project in a short form.
Developers can also select projects based on Bounty, which represents the total project budget for developers to earn. A higher reward for a project can also lead to a higher hourly rate. For example, a project with a bonus between $1.5 and $5,000 might have an hourly rate of $50 to $195. Hourly rates also vary based on skill and programming language. For example, projects that require computer programming skills like CSS and HTML have a lower start rate than more advanced languages like JavaScript and Solidity.
Bounty Gitcoin projects can exist in both licensed and unlicensed categories. Licensed programs require investor approval to begin work, and unlicensed programs allow anyone to complete the project without a time limit.
GitHub also allows Web 3 developers to create and build projects and foster relationships with each other through its Kernel Fellowship program. This program is usually an eight-week seminar held to promote learning. This program provides enthusiasts with a free and open source platform on which to build a knowledge base for Web3 development.
The native token of the Gitcoin platform
GitHub’s native governance token, GTC, is an ERC-20 token created to manage the platform. GTC has been issued with a total of 100 million tokens. The purpose of generating GTC was to reward early adopters of the platform and future contributors to the platform. GTC distributed among the main members of the community is actually distributed among shareholders, founding team, investors, employees and strategic partners. Additionally, the GTC tokens allocated to the Gitcoin DAO will be managed by a community-led treasury until all 50 million GTC tokens are released. This amount will be released in equal monthly installments until May 2023.
The future of Gitcoin
So far, Gitcoin has been very successful in accelerating the development of open source software on the blockchain and has played a very important role by providing a platform for the community of investors and developers interested in creating a freer and more advanced Internet.
With all this, it is very difficult to predict the future of projects, especially in the crypto world. In this world, new startups and technologies emerge and disappear day by day; This is exactly why the crypto market is constantly fluctuating. Also, with the implementation of other forms of Web 3, no one can say for sure whether the downward or upward trend will continue.
The future of GTC digital currency
Despite the ups and downs of cryptocurrency platforms, GTC has maintained a much more stable trajectory than many of its peers in the crypto space. This token has never returned to a value lower than its initial offering (ICO). Therefore, we suggest those who intend to invest in digital currencies and earn profit to pay more attention to GTC digital currency and Gitcoin platform. Considering the strong support of this digital currency and the many benefits that it gets from the platform’s investment in open source technology, we can predict a bright future for it.
Gitcoin, an open source innovation in the crypto world
As you read in this article, Gitcoin is a new technology and approach that strives for decentralization with the help of open source projects. The approach that Gitcoin has chosen for itself has the potential to greatly influence the world of digital currency trading. It also allows developers to test interesting ideas. On the other hand, with Metaverse entering the crypto world, innovative companies like Gitcoin may eventually lead the world of digital currencies to greater prosperity for users. If you are interested in learning more about open source projects like Gitcoin and their cryptocurrencies, check out the other articles on Wallex’s blog.
What is Gitcoin? Introduction of the gitcoin platform and GTC digital currency for the first time on the Wallex blog. appeared.
