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Gitcoin: Everything you need to know

GTC

Source: Panvala

Over the past couple of years, we have somehow managed to shift from physical to virtual currencies and the cryptocurrency industry has also played a major role in this. Crypto has been around for quite some time now and has been absolutely booming in the global marketplace.

Having said that, I believe that most of you present here today are already aware of the basics of the industry but, if for some reason that’s still not the case, let me help you with that first.

Cryptocurrency as the name suggests is nothing but simply a form of virtual or digital currency which just like the physical money can be used for a variety of purposes including the buying and selling of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges online.

In other words, the cryptocurrency industry is a blockchain-based platform that is decentralized to its very core. Being decentralized, it is worth noting that, the crypto world is more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without having any unnecessary government interferences as well.

As mentioned, crypto has been around for a long time now and is one such industry that has managed to lure in potential investors from all over the world and has had a surge in its growth and popularity, that too at a rate which was never really anticipated.

As most of you might already be aware of the fact that, when the industry was first introduced, there were not many currencies you could have picked from, and honestly, there were very few people even wanting to be a part of it back then, which is understandable as at that time people must have had mixed feeling about the safety of their investments and must have been very skeptical about the return they would get at the end.

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Source: NEO News Today

However, that was back then but, if you look around today, you will come across a pool of virtual currencies in the marketplace, with newer ones coming in with each passing day and numerous new investors joining in, wanting to be a part of it.

Speaking of a lot of currencies available today in the marketplace, some of the popular currencies that you can pick from include Bitcoin, Cardano, EverGrow Coin, Binance Coin, Ethereum, as well as the famous meme coin, Dogecoin to name just a few of course.

Also, it is worth noting that, some of the major factors that have significantly contributed to the industry being such a huge success includes its ease of use, intuitive nature, portability, high-profit margins, uncertainty as well as the convenience it offers too.

Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Gitcoin. To know more, I suggest you read further!

Everything to know about Gitcoin (GTC)

GTC

Source: Moralis Academy

Gitcoin or as commonly referred to as GTC is nothing but a platform that is known to describe itself as a community of protocols, builders, as well as creators that have joined hands to develop the future of the open internet. 

In other words, Gitcoin is said to create an entire community that supports new and advanced infrastructure for Web3 including technologies, tools, as well as networks in order to foster development in the open-source sphere. 

Before we move on any further, it is worth noting that, Gitcoin was founded by Scott Moore along with Keving Owocki about four years ago, back in November 2017. In late May 2021, the native utility token of the platform, GTC was introduced to the world. Speaking of GTC, a major use case of the token is for it to be required for the development and funding of a decentralized autonomous organization (DAO) that will govern Gitcoin. 

Not just that, Gitcoin is one such platform that is designed to coordinate and fund open-source development by novel means including quadratic funding. Also, it is worth noting that, as of June last year, Gitcoin has managed to facilitate over 21 million dollars in bounties and grants for open-source developers of course. 

Moving further, from an ideological standpoint, the platform is said to believe that open-source software is an integral part of software development as well as modern computing at large. As mentioned, the Gitcoin platform seeks to join hands with open-source software projects and it manages to achieve this by simply incentivizing developers to take on various development projects with grants and reward payments. 

Furthermore, the said platform is known to focus on funding public goods projects, that are typically non-excludable as well as non-rivalrous. In other words, these are designed in order to benefit everyone without having to compete with one another unnecessarily. For those of you wondering what are public goods projects? Allow me a chance to explain.

GTC

Source: Genesis Block

Public goods projects are nothing but simply projects that are related to privacy, infrastructure, as well as clean air. However, it is worth noting that, a majority of the public goods projects that are funded by Gitcoin are known to include projects that address blockchain within the popular Ethereum ecosystem. 

According to a report by Gemini, Gitcoin crypto fundings are entirely directed towards public goods projects with the help of a proprietary democratic system, commonly referred to as quadratic funding. Now, quadratic funding is nothing but a structure for crowdfunding campaigns where donations from people are matched with the corresponding amount of funding from larger pools of funds supplied by bigger donors. 

Also, you should probably be aware of the fact that, the funds that we just talked about are not matched as per the 1:1 ratio but instead, this is done according to a proprietary formula. This formula is optimized to provide reward projects with much more community support. 

Other than this, for some of you wondering as to what is it that makes Gitcoin special and different from others in the marketplace? Let me try and help you with that. Gitcoin is unique in the way that, it is a platform that is said to support community building, particularly for open-source projects and as of June last year, over twenty million dollars has been funded for open source projects with the help of Gitcoin. 

Also, it is worth mentioning, there are about 1,60,000 active developers monthly on the platform and a little over 1600 projects which have been created. Lastly, Gitcoin focuses on creating a future vision known as “quadratic lands” which is nothing but a digital ecosystem with virtual democracy and a very strong emphasis on community building. 

Now that we have talked much about Gitcoin, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in Gitcoin (GTC)

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Source: gitcoin.co

As of today, the price of Gitcoin is about 15.54 US dollars with a twenty-four-hour trading volume of 66,378,923 dollars. Not just that, in just the past twenty-four hours, the value of Gitcoin has gone up by 10.28 percent, and with the current market cap of 220,586,268 US dollars, GTC is currently placed at #295 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of Gitcoin is 14,198,202 GTC coins but, unfortunately the maximum lifetime supply of the currency is not yet available. In just the past week alone, the price of the platform has risen by 4.30 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Gitcoin is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Gitcoin can prove to be a profitable investment shortly, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value.

GTC

Source: Nomics

But again, nothing can be said or sure! If still not convinced, see it this way that, if say you buy Gitcoin worth a hundred dollars today, you will receive nearly 6.460 GTC. According to the analysis done by experts on the field, after five years of your investment, the return is expected to be about +284.13 percent and thus, your current hundred-dollar investment will be nearly 384.13 US dollars in 2027.

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Gitcoin does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Gitcoin? Let me help you with that. Currently, Gitcoin is available on all major crypto exchanges but, some of the popular exchanges that have GTC listed on them include Binance, KuCoin, Crypto.com Exchange, Coinbase Exchange as well as Gate.io to name a few.  

In conclusion, what are your thoughts on Gitcoin? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: Algorand: Everything you need to know 

 

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