- Gitcoin provides a platform where developers can develop next generation applications.
- Community governance is part of Gitcoin, which Ethereum Blockchain runs
- Solana blockchain hosts Gitcoins.
The potential of blockchain has expanded over the years, with its capability being explored by the industries for developing various blockchain applications. The main shift in demand towards blockchain is observed since the introduction of dApp. The focus on cross-chain collaboration and interoperability has also been observed in the blockchain industry.
Gitcoin is a platform that helps developers to develop future applications and advance the whole blockchain ecosystem. So let’s dig deep into Gitcoins.
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What is Gitcoin?
Gitcoin token is hosted on the Solana blockchain technology. Ethereum blockchain allows community governance at the Gitcoin platforms. Gitcoin was developed for coordinating and funding open-source platforms development.
GTC cryptocurrency development began in November 2018, and by January 2019, GTC updating procedure on a range of data providers began and in April 2020 GTC wallet development started. In August 2021, Gitcoin started with the development of the exchange.
At the beginning of 2022, Gitcoin plans to launch the exchange and launch GTC in the international payment field.
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What is the mission of GTC?
The mission statement of GTC is to create an internet that is economically empowering, collaborative and open source. Gitcoin is creating infrastructure and community for Web3. Web3 offers a range of tools, networks and technologies that allows taking the innovation to another level. The projects that are built on Gitcoins ensures solving the current issues.
The mission includes building a community, funding the projects and making resources accessible to all. Gitcoins aims at creating a digital infrastructure that will create a revolution in the future.
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What competitive advantages are offered by GTC?
Gitcoins gain a competitive advantage as the trade is executed under the expertise of international partners and professional teams. While designing the approach, Gitcoins get in touch with their customer base by using the case by case approach. On the basis of the customer’s opinion to ensure successfully closing the project.
Developers and companies prefer the GTC platform to build their future and create a future of open internet.
How compatible are Gitcoin tokens?
GTC is compatible with all types of electronic wallets. The characteristics of GTC tokens ensures that the exchange between wallets takes place in a sound and safe manner. Moreover, if the GTC holders carry the token for more than one year in the wallet, then the holder will receive a guaranteed income of 10% on their GTC holdings annually. These are the fixed investment benefits is offered by the investment and banking partners of Gitcoins.
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Why are prices of GTC shooting up?
Expansion of partner protocols – Gitcoin protocol aims at supporting and developing the infrastructure for Web3. It comprises networks, technologies and tools that help in the development of open-source. Moreover, the Gitcoin ecosystem supports a wide range of platforms and protocols, as a result, hackathons can be hosted and development grants can be extended. Gitcoin platform has been able to grab the attention of the community members and the developers by extending development grants and attractive prizes to the hackathon winners and participants.
Governance capabilities – In the blockchain industry, the trend of giving voting rights to participants has emerged over the years. These votes decide the direction of the project development and the future direction of the platform. Gitcoin has also adopted the same model and the community actively governs the projects.
New developers are attracted through grants – To benefit all the community members of the project, developers and community members are attracted towards the platform by grants and hackathons. The funds pooled through grants are used for rewarding the participants of the hackathon. Those who complete the listed bounties are also rewarded by Gitcoin.