Ethereum co-founder Vitalik Buterin recently applauded the public participation in the biggest round of grants, currently open to developers of open-source software projects through the Gitcoin platform. In his recent tweet, he remarked,
With this initiative, nearly 90 projects, which are focusing on the diverse blockchain aspects of security, scalability, UI/UX, education, and DeFi, are in time for financial investment. Gitcoin was launched on the Ethereum blockchain last year as a reward platform, by making it easy to get remunerated for solving Github issues.
Gitcoin Grants, as of date have distributed over half a million dollars with support from ConsenSys and Ethereum in connection with donations from Individuals; which are now utilizing a mechanism called as Quadratic funding to distribute 100,000 dollars of funds to coders, with an open-source group-valued depository.
After the launch in 2017, Gitcoin has developed into one of the most important factors between open source communities and growing blockchain, and have added several thousands of developers into the Web3 world. Moreover, it has been launched on the Ethereum ecosystem which comprises of Kudos, Bounty, Grant, and Codefund and created over 1 million dollars in value on the platform.
Also, Ethereum presents opportunities to present incentives which are available to the developers in the ecosystem. By adding the rights of the stakeholders straight away into the smart contracts, developers are encouraged to provide value and cases are handled without needing to involve legal enforcement methods.
At first, Gitcoin anticipated the use cases to be built on the Ethereum ecosystem. Further, the remuneration for developers was paid in ERC-20 tokens. Besides, public grant applications were shared with the Ethereum community fund, the Ethereum Foundation, and other supporting bodies as a mechanism to study the projects and their predominance.
In the past few weeks, Gitcoin declared a radical analysis in open source funding. By using a similar method defined in Liberal Radicalism, a paper from Vitalik Buterin, Glen Weyl, and Zoe Hitzig, Gitcoin declared a 25K dollars fund to match the contributions, which are made to 25 Ethereum infrastructure ventures. Visit our exclusive latest news on ethereum to learn more about ETH and its trending topics.