Gitcoin, a crowdfunding platform that fuels major crypto industry projects, has contributed over $50 million to crypto builders through its funding platform and has played a big part in getting Uniswap and 1inch off the ground. Gitcoin has also funded POAP, the participation NFTs in the Ethereum community, and media organizations like Bankless. Gitcoin is committed to providing public goods in the real world, and ReFi, or regenerative finance sector, is one of the main beneficiaries of its efforts. Gitcoin sets itself apart from traditional fundraising platforms by using quadratic funding, which allocates funds to projects based on the number of supporters and the amount they contribute. Gitcoin also offers identity verification through its Gitcoin Passport, which can be useful with airdrop distribution. Finally, Gitcoin airdropped its own GTC token to early users of its platform who donated to Web3 projects, and GTC is a governance token that powers the Gitcoin DAO.
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Introduction
Have you ever wondered about the secret angel investors behind some of the biggest projects in the crypto industry? It’s not always an eccentric billionaire or a creep VC. Sometimes it’s Gitcoin, the unsung hero fueling the rocket ship for crypto moon missions. Find out what it is today.
Gitcoin’s impact on the crypto industry
Gitcoin is a crowdfunding platform that anyone can participate in. But there is some magic under the hood that makes it a lot more powerful than your traditional crowdfunding platform. Many people don’t know this. Gitcoin actually played a big part in getting Uniswap off the ground before the platform was able to prove its worth and get more VC funding. Same thing with the decentralized exchange aggregator 1inch. They got a lot of early help from Gitcoin too.
Gitcoin’s contributions to crypto builders
Today, Gitcoin has contributed over $50 million to crypto builders through its funding platform. Many Gitcoin grants go to core blockchain infrastructure projects like Uniswap or POAP. But the platform is also committed to providing public goods in the real world. This includes funding for environmental restorations, universal basic income experiments and crypto lobbying efforts.
Quadratic funding
What sets Gitcoin apart from traditional fundraising platforms like Kickstarter is quadratic funding. This mechanism allocates funds to projects based on the number of supporters and the amount they contribute. In Gitcoin’s model, a community pool of money is raised from sponsors, VCs and other donors. This pool is then used to match donations that have broad support from a wide range of small contributors.
The Gitcoin Passport
Gitcoin has also developed the Gitcoin Passport, an identity verification application that allows users to build personal ledgers of verifiable credentials about themselves. This includes collecting stamps from different authenticators around both Web2 and Web3 spaces. It allows you to develop a reputation timeline of the applications that you use to prove that you’re a human user.
GTC token
In 2021, Gitcoin airdropped its own GTC token to early users of its platform who donated to Web3 projects. GTC is a governance token that powers the Gitcoin DAO.
Conclusion
Gitcoin has made a significant impact on the crypto industry by funding core blockchain infrastructure projects and providing public goods in the real world. Its quadratic funding mechanism ensures that smaller investors have a say in the direction of the platform. The Gitcoin Passport adds an extra layer of security to the identity verification process in the crypto world.
