Gitcoin describes itself as a community of builders, innovators, and protocols who have banded together to shape the open internet’s future. Gitcoin establishes a community that promotes new Web3 infrastructure, such as tools, technologies, and networks, in order to promote open-source development.
Gitcoin’s governance token, GTC, was released in late May 2021. The token is required for the formation and funding of the Decentralized Autonomous Organization (DAO) that will control Gitcoin.
Keving Owocki and Scott Moore founded Gitcoin. Moore is the technical growth lead and director of research, while Owocki is the CEO.
Gitcoin is unusual in that it is a community-building tool designed exclusively for open source projects. As of June 2021, Gitcoin had raised over $20 million for open source projects, with over 160,000 monthly active developers and over 1,600 projects developed. Gitcoin aspires to establish a future vision known as “Quadratic Lands” – a digital ecosystem with a strong emphasis on community building and digital democracy.
GTC has a total quantity of 100,000,000 tokens. 15% will be used for a retroactive airdrop, 50% will go to the Gitcoin DAO, and 35% will go to existing stakeholders. The retroactive airdrop is for prior Gitcoin users, the DAO allocation is for governance, and current stakeholders are everyone who has contributed to the development of Gitcoin in the past or in the future (with a vesting schedule of at least two years for Gitcoin team members).
According to the token’s initial blog post, GTC has no economic value. Token is a fork of the COMP/UNI governance system with a built-in retroactive claim delegation prompt.
GTC has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin from any fiat-to-crypto exchanges and then transfer to the exchange that offers to trade this coin.
Binance is one of the world’s largest and best-known cryptocurrency exchanges. The advantages of buying Gitcoin (GTC) here include lower exchange costs than other exchanges, as well as improved liquidity, which allows you to purchase and sell rapidly to take advantage of market-moving news.
This exchange is best for users from Australia, Canada, Singapore, the United Kingdom, and other countries. GTC is not available to residents of the United States.
1inch is a well-known decentralised exchange (DEX) aggregator that gathers liquidity from a number of other DEXs. While this is an obvious solid option for purchasing Gitcoin (GTC), we only recommend it for sophisticated users because the exchange is decentralised, which means there is essentially no recourse if you make a mistake. Binance is a good place to start if you only want to acquire Gitcoin (GTC) as an investment.
Uniswap is a decentralised exchange (DEX) that uses an automated market maker (AMM) methodology to allow users to trade against a liquidity pool. While this is an excellent way to purchase Gitcoin (GTC), we only recommend it to advanced users because the exchange is decentralised, which means that if you make a mistake, you are responsible for any losses. It is hard for the faint of heart to learn how to use decentralised exchanges.
