What Is Gitcoin?
Gitcoin (GTC) is an Ethereum-based governance token on the Gitcoin network, which is a project with the purpose to unite people who are interested in the future of the open web and want to participate in its development. Gitcoin is focused primarily on community building and sharing the opportunities within this community. It does that by providing a platform to connect “builders” (developers, designers, etc) with:
- each other, so they can develop their ideas and collaborate on interesting open-source projects
- backers in search of new exciting investments to get funding for their projects.
There are many ways to make money as a developer on this platform like participating in hackathons, competing for grants, or earning bounties. However, simple relationship building or helping each other learn is also encouraged. Gitcoin is recognized and endorsed by such people as Vitalik Buterin, which is high praise in the crypto space.
Considering Gitcoin’s ideology and mission, it shouldn’t come as a surprise that the project’s governance is community-based. Gitcoin (GTC) is the token used in this process. It was introduced in May 2021, when it became available to be claimed by the “builders” and financing providers. Those tokens aren’t used as transaction fees or any other payments in the network, their utility is solely in their voting power.