GTC
Gitcoin
$0.06848
2.76%
Gitcoin
GTC
$0.06848
2.76%
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About Gitcoin
Gitcoin is a community of builders and creators dedicated to developing the future of the open internet. They focus on creating new infrastructure for Web3 and supporting open-source development through tools, technologies, and networks. They recently launched a governance token called GTC, which is required to create and fund the DAO that will govern Gitcoin.
Gitcoin is a community-driven platform that aims to financially support and promote open-source software development. It employs a unique 'bounties' system to act as a mediator between project owners in need of development assistance and developers looking for opportunities. This arrangement fosters a collaborative environment beneficial for the advancement of open-source projects.
GTC, short for Gitcoin Token, is an ERC-20 governance token built on the Ethereum blockchain. It was launched in late May 2021 and plays a crucial role in shaping and funding the Decentralized Autonomous Organization (DAO) that oversees Gitcoin.
GTC primarily serves as the governance token within the Gitcoin ecosystem. Token holders can propose changes, vote on a range of platform issues, and significantly influence Gitcoin's future.
Beyond its governance role, GTC also functions as an incentive and reward mechanism. Developers can earn GTC tokens for their contributions to open-source projects. Additional utilities of the token include:
Staking: GTC can be staked on Gitcoin Passport as a "proof of humanity," reinforcing the platform's trust mechanisms.
Decentralizing Grants and Managing Disputes: GTC aids in decentralizing the grant-awarding process and is essential in dispute resolution within the platform.
Treasury Governance: The token is also used for governance over Gitcoin’s financial reserves or treasury.
Gitcoin was founded in 2017 by Kevin Owocki and Scott Moore. Owocki serves as the CEO, while Moore is the technical growth lead and director of research. The platform was initiated with the aim of incentivizing the development of open-source software. As of June 2021, Gitcoin has successfully funded over $20 million in open-source projects.
