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There are a lot of Hackathon on Ethereum, such as ETHOnline, which just ended recently. Uniswap, which started the DEX craze is also from Hackathon. Gitcoin also hosts a wide variety of Hackathons, not just limited in the Ethereum space. It makes sense to host such creative and innovative events, which are important for ecological development.
With a maximum reward of $60,000 in Gitcoin’s Round 9 Grants, the program includes Badger DAO, Sushi, Polygon, Mask Network, Uniswap, Ideamarket, and Liquity.
In short, Gitcoin Grants allows open source projects of all sizes to seek and receive community funding.
The mission of Gitcoin Grants is to grow open source Web3 development. And the core to promote Web3 development is by providing opportunities for developers to get paid to build it. On Gitcoin developers can earn year-round in sponsored hackathons and through bounties, but during Grants Rounds, there is focused coordination of project launches and community investment that expands earning opportunities.
What’s more, Gitcoin Grants is a grand experiment in Quadratic Funding. Quadratic Funding is a mechanism that ensures that the projects our community values the most, get the most funding. There is simply no better way to democratically decide how to prioritize the disbursement of a limited pool of resources. Quadratic Funding is a compelling solution for any community looking to coordinate, fund, and build public goods projects, and Grants Rounds are a great opportunity to test it out together.
Gitcoin Quests is designed to be a fun, gamified way for users to learn about the web3 ecosystem, each member of the community can earn rewards(Quest Points, ETH) or get Gitcoin’s Kudos by completing quests, sharing quests with your friends, creating a quest, creating a quest game dynamic.
As of right now, 326 quests have been created, of which Gitcoin Core created 6 of them, and the community created 320 of them. This means the Quests Economy is designed to be driven by the community.
Kudos is a personality symbol in social interactions and a medal of honor, each Kudos is uniquely limited. It is based on ERC-721, which is a standard developed by the Ethereum Foundation that can be used to create Non-Fungible Tokens.
Kudos is a new way to show appreciation and build relationships in the open-source community. It’s also a way to showcase special skills that a member might have, such as Pythonista, or Design Star. Members of the community can make their own Kudos personality, give each other gifts, express gratitude. The winner of the Quests game can also get Kudos. Kudos tokens can be bought and sold on the Kudos Marketplace.
Kernel is a peer-to-peer learning community dedicated to the journey towards a better understanding of truth: in work, in relationships with others, and in inner worlds. The Core Syllabus of Kernel is free and open source and always will be.
The Core Syllabus aims to build long-term thinking skills, provide context and technical history, and introduce you to the patterns and modes required to flourish in decentralized, open communities like Web 3. People who have no experience in Web 3 can find interesting and novel ways to understand this new way of relating and transacting on the web, while those with more experience can find perspectives and insights they may not have come across elsewhere in their own work.
Gitcoin was founded by Kevin Owocki and Scott Moore. Owocki is CEO, Moore is technical growth lead and is director of research.
Gitcoin raised 11.3$million in an investment round led by Paradigm, the crypto venture capital fund founded by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang. Additional investors included 1kx, Electric Capital, IDEO, The LAO, and MetaCartel Ventures, as well as angel investors Naval Ravikant and Balaji Srinivasan.
The total supply of GTC is 100,000,000 (100M) tokens, broken down as follows.
The intent of this distribution is to split GTC evenly between past and future contributors. 50% to those who’ve built Gitcoin so far (retro + stakeholders) and 50% to the builders of tomorrow.
15% of the GTC supply is being retroactively distributed to past users of Gitcoin.
This allocation is broken down as follows.
GMV – short for Gross Marketplace Value — describes any action in which value flowed through Gitcoin. This includes bounties, tips, hackathons, and grants. GMV allocations were split evenly between spenders and earners (50/50), meaning those who earned funds from Gitcoin split one bucket of GTC while those who spent funds (like donating to Grants) split another bucket.
On-platform actions refers to any user who:
This piece (user activity) of the distribution included a decay, meaning actions performed early in Gitcoin’s lifecycle are weighted more heavily.
Half of the GTC supply will be deposited into the timelock contract held in the Gitcoin DAO treasury, governed directly through on-chain GTC voting.
The address of the Gitcoin DAO can be found at gitcoindao.eth.
GTC allocated to the Gitcoin DAO will become available for distribution in equal monthly installments over the course of the next 2 years. This signals that the full allocation will be unlocked by ~May 25th, 2023.
Gitcoin will utilize a fork of Compound’s governance framework, whereby all proposals feature a 1% minimum proposal threshold, a 2.5% quorum and require a 51% majority to pass.
Simply put, this means that in order for a vote to be proposed on-chain, the proposer must hold at least 1% of GTC tokens. For that vote to pass, at least 2.5% of the GTC supply must vote on the proposal with 51% of the votes in favor of the winning decision.
The remainder of the Gitcoin supply is allocated to stakeholders of Gitcoin Holdings.
This includes allocations to the team, investors, future employees and strategic partners of Gitcoin. Anyone who has contributed to building Gitcoin in the past, from 2017 to 2021, is included in this allocation. This includes the core team who created the product, brand and market plus the investors who have funded the core team to the tune of $5mm (2017-2021) and $11.3m (2021 & beyond).
All GTC allocated to Gitcoin’s team members are subject to a vesting schedule of at least two years. All GTC allocated to Gitcoin’s existing stakeholders are non-transferrable for at least 500 days, or longer if Gitcoin’s Board of Directors determines that a longer period is necessary to comply with regulatory or other applicable restrictions.
Gitcoin has been described as Ethereum’s “arms depot”, although each public chain wants a Gitcoin, but only ETH has the community dynamism to activate the product. So what is the magic of Gitcoin, the decentralized collaboration open source built on the Ethereum network?
Gitcoin is facing strong competition from Hackerlink, which is an open source developer incentive platform owned by Dorahacks, a global developer community, and decentralized global geek organization. With the support of the DoraHacks community, HackerLink is growing rapidly in the number of platform developers, open source projects, and total funding.
HackerLink is backed by DoraHacks’ global developer community. DoraHacks has hosted hundreds of large-scale hackathons in 17 cities in 9 countries, with strong offline developer communities in the United States, Europe, India, China, and Southeast Asia, with more than 30,000 developers participating in DoraHacks’ online and offline events. HackerLink also has a strong presence online, with more than 20,000 registered developers and 10,000 platform sponsors in early 2021, and more than 20,000 active users of the HackerLink platform as of May 10,2021. HackerLink can be used to import developers faster into web3’s new ecology. More than 1,000 developers signed up for Solana Grant 1 in less than a week on HackerLink.
However, with the growing scale, round 9 of Grant has also brought out unique and unprecedented challenges. The most important among them is collusion and fraud: in round 9, over 15% of contributions were detected as being probably fraudulent. There were large clusters of contributors discovered that were probably a few individuals or small closely coordinated groups with many accounts trying to cheat the mechanism. This was discovered by proprietary analysis algorithms used by the Gitcoin team.
For this round, the Gitcoin team, in consultation with the community, decided to eat the cost of the fraud. Each project received the maximum of the match award it would receive if fraudulent transactions were accepted and the match award it would receive if they were not; the difference, about $33,000 in total, was paid out of Gitcoin’s treasury.
Gitcoin needs to create algorithms that prevent bad manipulation while reducing fraud by manually verifying accounts, inviting third-party analytics, and community oversight.
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