What is Gitcoin and the GTC Token?

Written by Ivan on Tech

July 13, 2021

Founded by Kevin Owocki in 2017, Gitcoin is a Web3 development and networking platform that connects developers from across the world with open-source projects to learn, earn, and build. Thanks to the Kernel Fellowship, Kudos, Gitcoin dev grants, Gitcoin bounties, and various hackathons, the Web3 and Gitcoin communities can raise funding for the most innovative human good projects. One look at the Gitcoin GitHub profile shows just how active this community is. Also, the platform is responsible for the coordination and distribution of more than $18 million in grants. Furthermore, Gitcoin aims to become fully decentralized, thanks to the Gitcoin DAO (decentralized autonomous organization) and the native GTC token. 

In this article, we’re going to dive deep into the Gitcoin platform. Also, we’ll explore the Gitcoin GitHub community, and how Gitcoin is helping developers enter the new era of Web3 development. This includes Gitcoin dev grants, Gitcoin bounties, and the Kernel Fellowship. Plus, we’ll look at Kudos, a platform for developers to showcase and monetize their skills. 

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Exploring the Gitcoin Platform

Gitcoin is a community of Web3 developers, creators, and protocols that are forming diverse open web ecosystems. The platform seeks to collaboratively build an open-source internet that is economically empowering for its community and participants.

Blog Gitcoin Logo

What’s more, Gitcoin provides funding and grants that help to build communities around Web3 projects and technologies. This includes the Gitcoin dev grants (explained later in the article). Also, the platform provides a diverse range of educational resources, tools, technologies, and networks that helps to expedite the development of high-quality projects that bring people together to build the digital public infrastructure that will lay the foundations for the future of the open internet.

Furthermore, the Gitcoin GitHub community is producing digital goods that facilitate financial freedom. Users of the Gitcoin platform can earn pay for contributing to the development of innovative Web3 technologies and open-source software using common programming languages. These include CSS, HTML, Python, Rust, JavaScript, Solidity, and many more.

Web3 and Gitcoin

Web3 is an umbrella term that refers to decentralized, open-source internet applications. A major part of this new epoch is blockchain technology. The first iteration of the internet was largely static. Most content was only available in the form of text and images, and most content creators were developers that built websites.

Blog Gitcoin Web3 Graphic

Following this, the introduction of Web2 (the web in its current form) allowed for a dynamic, interactive internet experience that lowered the barrier for entry. With Web2, participants don’t need to be programmers to create content. Moreover, Web2 is dynamic, but simple.

However, Web3 is a next-generation open-source web with some defining characteristics. Web3 is an enhanced version of the internet consisting of decentralized, permissionless, trustless, self-governing applications and protocols with native built-in payments. The goal of Web3 and Gitcoin is to create an open internet free from the constraints of centralized control. Moreover, Web3 and Gitcoin promote transparency and user-controlled data. As more devices become connected to the web, and the internet sews itself deeper into the fabric of life, the issue of trust surrounding major corporations and data is a great concern to many. 

With the use of blockchain technology, the internet of things (IoT), and decentralized applications, the Web3 and Gitcoin communities aim to create an internet where two people that have never met before can trust each other online. This even extends to contractual agreements, which can be immutably recorded on the blockchain using smart contracts.

Web3 & Blockchain

At the core of Web3 and Gitcoin infrastructures is blockchain technology. The decentralized nature of blockchain is helping to redefine backend data structures and user experiences of the internet.

Blog Gitcoin Web3 & Blockchain Roles

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Earn 

Gitcoin makes it easy to get earn money for contributing in the development of meaningful Web3 projects. Having already secured millions of dollars in funding for various projects, the platform provides several avenues by which contributors can earn by helping to develop cutting-edge open source technologies. This includes sponsored hackathons, funded community grants, and bounties.

Blog Gitcoin Grant Hackathon GR9

Also, the platform provides the opportunity for developers and programmers to earn. Developers can help to solve some of the most crucial coordination issues with the most creative and well-established Web3 development organizations. To date, over $18 million have been earned through Gitcoin bounties, sponsored hackathons, and community grants. Furthermore, Gitcoin community members can earn Kudos as a reward for their contributions to the ecosystem (discussed later).

Learn

Gitcoin creates opportunities to earn money from building open-source Web3 technologies. Plus, it also offers a wealth of information to help newer developers excel in decentralized Web3 communities. 

The Gitcoin Syllabus is made up of several interactive mediums. This includes gamified quests to earn rewards from learning about Web3. Also, developers can obtain a learning experience through participating in a hackathon and the Kernel Fellowship program.

Blog Gitcoin Bounties

Gitcoin Bounties

Gitcoin bounties are provided by some of the most innovative Web3 projects and cater to all levels of skill. Examples of Gitcoin bounties include security contests, feature builds, user interface (UI) design, and content creation. Gitcoin bounties are designed to engage the Gitcoin community and provide ways to learn and earn by completing tasks and challenges.

Sponsored Hackathons

Participants can earn rewards by hacking various creative solutions across different protocols. Gitcoin is the perfect place to team with other Web3 builders to help push the industry forward and create something new and exciting.

Blog Gitcoin x Aave Hackathon

Gitcoin Dev Grants

Also, funding and crowdsourcing facilities are provided for developers of open-source projects that serve to benefit the public. Gitcoin dev grants run quarterly. Furthermore, they allow participants to earn a share of the funding pool that has helped to bootstrap thousands of projects.

Moreover, Gitcoin dev grants make it incredibly easy for projects to pool talent from across the globe. Resultantly, projects can get their products built, tested and ready for market faster, and more efficiently.

Blog Gitcoin Dev Grants

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Connect

Gitcoin is the perfect place to connect with some of the world’s leading open-source Web3 developers and projects. Here, developers can form lasting relationships with a thriving, passionate developer community.

Blog Gitcoin Connect Graphic

The Kernel Fellowship is a community initiative supported by Gitcoin. Described as a “cohort of Web3’s brightest minds”, the Kernel Fellowship is an invite-only program seeking the best talent in technology to form relationships, build products, and establish companies to create the next generation of open-source projects in the blockchain and Web3 space.

Furthermore, joining the Kernel Fellowship enables participants to develop life-long working relationships via weekly workshops, discussions, and direct communication with accomplished mentors. Moreover, the platform has several mediums for collaborating on Web3 projects, building teams, and a reputation as a developer.

Gitcoin Grants

Gitcoin uses quadratic funding to ensure that the open-source projects providing the most utility in the public interest receive the most support. Quadratic funding is an efficient and democratic method of raising funds.

Blog Gitcoin Grants

Quadratic funding works similarly to a crowdfunding campaign by pooling contributions from donors. In short, quadratic funding ensures that the more individual donors a project receives support from, the greater the number of matching funds that project receives. Also, participants can pledge support for upcoming public goods projects via Gitcoin Grants.

GTC Token

The native GTC token is an ERC-20 governance token with “no economic value”. The GTC token will also be used for protocol governance. This will entail allocating funds for decentralized grants, dispute resolution, and treasury management.

The GTC token will be used by Gitcoin’s DAO (decentralized autonomous organization), to decentralize the platform and put the future of the platform in the hands of the community built around it.

Using the GTC token, Gitcoin aims to build a “community-centric, self-governing DAO that generates funding for public goods”. Moreover, the GTC token can be pledged towards fund allocation and grant collusion so that the GTC token community can decide which projects they want to fund.

The Kernel Fellowship

Kernel is a learning community for people that want to build Web3 applications and learn about Web3 technologies. The Kernel Core Syllabus is a free, open-source platform that promotes collaborative learning and helps people build the knowledge base needed to get started in Web3.

Blog Gitcoin Kernel Fellowship

The invite-only Kernel Fellowship initiative is an eight-week program that runs three to four times a year. The program introduces hundreds of new members to the peer-to-peer Web3 community to focus on the long-term development of Web3 projects.

Moreover, the Kernel Fellowship aims to connect the greatest minds in the Web3 space to create innovative decentralized solutions that have the power to change the way people live. Applicants can join on their own, or as a team. Plus, successful participants are able to secure funding from major Web3 companies!

Furthermore, Kernel also provides a variety of tools and resources for integrating smart contracts and open-source Web3 technologies into existing infrastructures.

Kudos

Kudos are unique artworks that can be purchased and gifted by Gitcoin community members to show their appreciation for other members. Equally, Kudos is an opportunity for developers to showcase their skills and monetize them. Plus, members of the Gitcoin community can use Kudos to show their appreciation for other members!

Blog Gitcoin Kudos

Kudos are ERC-721 standard non-fungible tokens (NFTs) from the Ethereum blockchain. Furthermore, you can purchase Kudos via the Kudos marketplace and they are compatible with the well-known Web3 wallet, MetaMask. 

Gitcoin GitHub

The Gitcoin GitHub profile, known as Gitcoin Core, is where many of the ideas developed by the community come together. At the time of writing, the Gitcoin GitHub profile boasts 86 repositories, over 400 releases, with thousands of commits and hundreds of active members. If you want to see what an active development community looks like, just check out the Gitcoin GitHub community!

Gitcoin Community & GTC Token Summary

Gitcoin is at the forefront of the Web3 movement. By providing funding, grants, networking opportunities, and learning experiences, the platform is a hotbed for open-source developers to connect and find funding for great projects. Also, with Gitcoin dev grants, and Gitcoin bounties, the platform acts as a launchpad for new projects that serve the public.

Blog Gitcoin Future

The platform continues to evolve. In the future, we can look forward to much innovation and collaboration coming from the Gitcoin GitHub community. Moreover, the platform looks set to play an important role in the future of Web3 development.

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Also, don’t forget to follow us on Twitter @Academy_IOT! We’d love to hear your thoughts about Gitcoin and Kudos! Let us know if you’re involved in Gitcoin bounties, Gitcoin dev grants, and the Gitcoin GitHub community!

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