Gitcoin is a decentralised collaboration platform operating on the Ethereum network. It supports open-source projects by leveraging blockchain technology, aiming to promote the development and sustainability of the open-source movement. Gitcoin facilitates funding for these projects using decentralised mechanisms such as grants and bounties.
Gitcoin functions by connecting developers and projects with funding opportunities through various programs and protocols. It uses technologies like smart contracts, primarily on the Ethereum blockchain and other EVM-compatible networks. Gitcoin employs a unique Quadratic Funding mechanism, which enhances contributions from larger communities, thus optimising public goods funding. Smart contracts streamline processes such as grant distribution and checkout experiences, thereby reducing transaction costs and improving efficiency.
Gitcoin has several key use cases including:
Gitcoin was founded in 2017 by Kevin Owocki to address the financial challenges faced by open-source developers. It has evolved significantly over the years: