- Gitcoin, the open-source bounties platform, makes an upliftment for the open-source community workers and aims to start the New Year.
- From 6 January 2020, Gitcoin plans to launch these grants by keeping the workers.
- The Quadratic Funding process as the name suggests is about to be held at regular intervals of 4 times in a year.
Gitcoin, the open-source bounties platform, makes an upliftment for the open-source community workers and aims to start the New Year by promoting the Open Source Community. Since its launch in 2019, it has already funded $797,000 to open source projects.
In addition to this, it plans for investing about $75000 in communication technologies & marketing products and $125,000 for Ethereum infrastructure projects covering ETH 2.0, decentralized finance (Defi), crypto wallets and UX.
From 6 January 2020, Gitcoin plans to launch these grants by keeping the workers and co-workers of OS Community in mind whom those “small contributions”. The company says that every small contribution counted more than bigger ones.
The company works on a unique Liberal Radicalism or Quadratic Funding mechanism for the funding process. Gitcoin explains the mechanism termed as Quadratic Funding where the sum of radicals of donations made to a project to define its match. here ‘radical’ attributes to examining innovative methods to finance the public goods, which also applied to the ‘radical’ based matching mechanism used to define the match.”
The Quadratic Funding process as the name suggests is about to be held at regular intervals of 4 times in a year. The company says that these scheduled rounds will assure that these funds will not only used as additional contributions but as a reliable source of funding for the operations in the Ethereum community.
Github that provides hosting for software development version control claims, “any donations made during these two weeks will use to deliver the match.” Gitcoin plans to release the funds in the next four quarters as listed below:
- Q1 — 6th to 21 January
- Q2 — 16th to 30 March
- Q3 — 15th to 29 June
- Q4 — 14th to 28 September
This plan not only would help in the growth of the OS Community but will also help in the growth of the Blockchain Technology, for a social purpose.
Thus concluding, Gitcoin hopes to make a massive leap in the year 2020 as it expects 2500 unique contributions form the Ethereum community. It also foresees to provide $75000 support to the 42 Open Source Projects and $10000 for each top 10 projects. The year 2020 has indeed a lot to give, let’s hope for the best!