- Gitcoin Token launched as a governance token based on Ethereum.
- The token has no economic value and financial right and is mainly used to oversee the GitCoin Ecosystem.
What is GitCoin
GitCoin is the go-to place for software developers to get coins for completing open source projects. In simplest terms, Gitcoin’s mission is to make sure that developers can create their business models for open-source software. It uses Quadratic Funding as a democratic way to fund public goods. As of now, $16M raised successfully by GitCoin for open source projects. The boost in crypto markets is a significant reason behind the increased funding.
Why Create Gitcoin DAO?
“The task before us is to align money with the true expression of our gifts.” – Charles Eisenstein.
Approval of the administered is the only legitimate basis for governance. Gitcoin’s choice to decentralize their platform’s governance to a DAO will fully empower the developer’s community to manage itself.
Now that products like Gitcoin Grants have become a foundation of the Ethereum funding ecosystem, its ongoing development must be managed directly by and for the Gitcoin community.
How Gitcoin Token And Dao Brings Decentralisation A Step Closer?
Gitcoin introduced the GitCoin token (GTC) and Decentralized Autonomous Organization (DAO), which will govern the platform and decentralize. The primary mission of the tokens is to empower communities to build and fund open source products. The total supply of GTC Token capped at 100M tokens, with 50% for developers who supported Gitcoin so far(35% for stakeholders and 15% through Airdrop), and GitCoin holds 50% for future developers. Half of the GTC supply will be inside a timelock contract deposit held in Gitcoin DAO treasury, administered undeviatingly through on-chain GTC voting.
The Promised Land Of The Future Is Quadratic Lands
The final objective of Gitcoin is to build Quadratic Lands, a digital ecosystem where generous fundings are provided to digital democracy reigns and public goods. Quadratic Lands is created by the developer’s community, making a positive feedback loop helping advance the digital community. There are diverse chances to build financial sovereignty while operating side-by-side with developers of similar values. Individuals can make their own choices, but incentives follow the cooperation that generates individual and community benefits. The economic infrastructure is a collection of financial games with transparent rules that, without community approval, can not be changed. The opportunities will showcase rampant growth as the tools compound upon each other.
Conclusion – The launch of Gitcoin DAO is the first step towards an ongoing evolution of Gitcoin. As it touches billions of dollars allocated to digital public goods yearly, this process needs to be accomplished alongside the community contributing to these public goods. Gitcoin wants and needs the community’s participation to ensure the collective goals has allocated these funds.