The Blockchain industry is growing and turning into more of a fixture in everyday life, the idea of ‘one chain to rule them all’ and the basic theory of blockchain maximalism is turning to fall to the wayside and the focus on interoperability and cross-chain collaboration is coming to the front. One specific project meant to help ecosystem entirely and help in growing the open interest is Gitcoin (GTC) a community of builders, creators and protocols.
Recent data shows that the price of GTC has increased 103% from a low of $4.78 on July 20 to a high at $9.71 on Aug. 11 as new members connected with the project and its goal of advancing the web3 infrastructure. The main reasons as to why the recent growth of GTC are its growing list of partner platforms, DAO governance features that provides community members control of the platform with a well-funded grant pool can be used to support the development projects and improve protocols.
The main goal of the Gitcoin protocol is to help develop and support the infrastructure for Web3. This means developing new tools, technologies and networks that can further work out the open-source development. Also, the Gitcoin ecosystem is open to working with a wide variety of protocols and platforms to help them grow through organizing hackathons and providing development grants. The projects right now that are involved with the Gitcoin community include Harmony, Nervos Network, Tezos Casper and Arweave. Providing opportunities like prizes and development grants to hackathon participants and other events hosted by Gitcoin have been able to attract the developers and community members required to resume the development.
Decentralized autonomous organizations (DAOs) are an up-and-coming trend in the Blockchain industry as they provide the community members the power to vote on the future direction and development of the platform. Gitcoin has accepted this model and now it has a growing community which is participating in voting for proposals and helps with the governance of the project’s protocol. Community members who are not interested in getting involved with the daily decisions can delegate their votes to a trusted steward who votes for proposal on their behalf in return for a percentage of the rewards offered. There are five different DAO workstreams available to the Gitcoin community including anti-fraud and collusion, public goods, dGrants, moonshots collective and ‘memes, merch, marketing.’