Coinbase • Jun 01, 22
Coinbase Commits $1 Million for Public Goods in partnership with Gitcoin
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Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
The price of Gitcoin has risen by 13.94% in the past 7 days. The price increased by 5.66% in the last 24 hours. In just the past hour, the price shrunk by 2.11%. The current price is $1.87 per GTC. Gitcoin is 93.56% below the all time high of $29.03.
The current circulating supply is 14,198,201.726 GTC.
Gitcoin (GTC) is an Ethereum token that enables community governance of the Gitcoin platform. The platform is designed to fund and coordinate open source development by novel means such as quadratic funding. As of June 2021, Gitcoin has facilitated over $21 million in grants and bounties for open source developers.
Today, the internet has unlocked a world of possibilities for collaboration and creation. Technologies like open-source protocols and decentralized blockchains enable businesses to take that co-creation to a new scale. Thus, the Gitcoin community makes use of these technologies to fund and create digital public goods projects that benefit everyone and provide immediate solutions to their problems.
Open-source software is considered the critical component of software development and modern computing. This software provides users with the source code that anyone can check, modify, and enhance. Therefore, as stated in the , Gitcoin aims to promote the collaboration of open-source software projects. But, as open-source software is free and open by nature, many developers contributing to these projects receive little or no compensation in return. To overcome this issue, Gitcoin seeks to provide financial incentives and grants to developers who embark on development projects.
Another important feature offered by Gitcoin is Quadratic Funding. This is a patented democratic approach adopted by Gitcoin through which crypto funding is directed to public goods initiatives. Quadratic Funding offers a structure where individual donations are matched with an equivalent amount of funding from larger pools of funds provided by bigger donors. The mechanism amplifies the contributions made by large communities over the donations made by a small group with high-paying capacities. The matching of funds is done using a proprietary formula, which is then optimized to benefit projects with more community support.
Additionally, Gitcoin offers bounties, which allows users to crowdsource support from accessible developers on the Gitcoin platform to fund certain technological development issues. To fund a bounty, a user must first create an issue on GitHub, then fund it with Gitcoin (specifying project specifics, a completion deadline, and any other relevant information), following which contributors can fill out a simple form expressing their interest in resolving the issue. Gitcoin bounties can be permissioned, requiring funder consent before starting work, or permissionless, allowing anyone at any time to finish the bounty. Using Gitcoin bounties, funders can choose workers at their leisure, set deadlines, and cancel at any time.
Gitcoin's native token is named GTC, which is an token with no economic value. This implies the token has no financial rights. It is primarily used to administer the Gitcoin ecosystem. The primary focus of the token is to allow communities to create and fund open-source projects. Moreover, the GTC is used by Gitcoin's decentralized autonomous organization (DAO) to decentralize and govern the platform by putting the future of the platform in the hands of the community growing around it.
Gitcoin has also introduced a . Voting rights for GTC holders are proportional to the number of tokens they own. They can delegate their voting rights to community stewards so that they can vote on their behalf, without giving up their tokens. Stewards are individuals of the community who actively participate in governance. The community has a direct impact on their influence. The more voting rights they have, the more the community trusts their stewardship. Anyone can become a steward by simply agreeing to the voting rights.
Owocki completed his BS in computer science from the University of Delaware and worked at several renowned companies like Barclays and Vanguard. Similarly, Moore completed his bachelor’s degree in mathematics and political science from the University of Toronto. Before joining Gitcoin, he worked at a number of reputable companies, including Bell, Picolo Research, and others.
The total supply of GTC coins is capped at 100 million GTC
Users can easily buy Gitcoin (GTC) at several exchanges like Coinbase, which safe, secure, and easy to use. GTC is available on Coinbase.com as well as Coinbase app.
Assets with the biggest change in unique page views on coinbase.com over the past 24 hours.
The price of 1 Gitcoin currently costs $1.87.
The current market cap of Gitcoin is $26.62M. A high market cap implies that the asset is highly valued by the market.
The all-time high of Gitcoin is $29.03. This all-time high is highest price paid for Gitcoin since it was launched.
Over the last 24 hours, the trading volume of Gitcoin is $14.47M.
The current circulating supply of Gitcoin is 14 million.
The median time that Coinbase customers hold Gitcoin before selling it or sending it to another account or address is 9 days.
Gitcoin ranks 123 among tradable assets on Coinbase. Popularity is currently based on relative market cap.
Currently, 60% of Coinbase users are buying Gitcoin. In other words, 60% of Coinbase customers have increased their net position in Gitcoin over the past 24 hours through trading.
Certain content has been prepared by third parties not affiliated with Coinbase Inc. or any of its affiliates and Coinbase is not responsible for such content. Coinbase is not liable for any errors or delays in content, or for any actions taken in reliance on any content. Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy. Coinbase makes no representation on the accuracy, suitability, or validity of any information provided or for a particular asset. Prices shown are for illustrative purposes only. Actual cryptocurrency prices and associated stats may vary. Data presented may reflect assets traded on Coinbase’s exchange and select other cryptocurrency exchanges.