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Gitcoin (GTC) is a blockchain-based platform and community of developers and builders that aims to shape the future of the open internet. The platform enables the funding and coordination of open-source development projects through novel means such as quadratic funding. Since its inception in November 2017, Gitcoin has facilitated over $21 million in grants and bounties for open-source developers, making it a crucial player in the open-source software development space.

Gitcoin's mission is to build and fund digital public goods. With the internet unlocking limitless possibilities for collaboration and creation, Gitcoin seeks to harness the power of open-source protocols and decentralized blockchains to create digital public goods that benefit everyone and provide immediate solutions to problems. Open-source software is considered a critical component of software development and modern computing. It provides users with source code that anyone can check, modify, and enhance. Gitcoin aims to promote the collaboration of open-source software projects and provide financial incentives and grants to developers who embark on these projects.

One of Gitcoin's essential features is Quadratic Funding, a democratic approach to directing crypto funding towards public goods initiatives. Quadratic Funding is designed to amplify the contributions made by larger communities over those made by a small group with high-paying capacities. The mechanism matches individual donations with an equivalent amount of funding from larger pools of funds provided by bigger donors. The matching of funds is done using a proprietary formula that is optimized to benefit projects with more community support. This ensures that community-driven projects receive adequate funding to thrive and grow.

Gitcoin also offers bounties, a feature that allows users to crowdsource support from accessible developers on the Gitcoin platform to fund technological development issues. Funders create issues on GitHub and fund them with Gitcoin, specifying project specifics, a completion deadline, and any other relevant information. Contributors then fill out a simple form expressing their interest in resolving the issue. Gitcoin bounties can be permissioned or permissionless, allowing funders to choose workers at their leisure, set deadlines, and cancel at any time.

The native token of Gitcoin is GTC, which is an ERC20 token with no economic value. The token is used primarily to administer the Gitcoin ecosystem, allowing communities to create and fund open-source projects. The GTC is also used by Gitcoin's decentralized autonomous organization (DAO) to decentralize and govern the platform by putting the future of the platform in the hands of the community growing around it. GTC holders can delegate their voting rights to community stewards, who can vote on their behalf without giving up their tokens. Anyone can become a steward by agreeing to the voting rights, and their influence on the platform is proportional to the number of voting rights they hold.

The founders of Gitcoin, Kevin Owocki and Scott Moore, launched the platform in November 2017. Owocki, who completed his BS in computer science from the University of Delaware, worked at several renowned companies like Barclays and Vanguard before founding Gitcoin. Similarly, Moore, who completed his bachelor's degree in mathematics and political science from the University of Toronto, worked at a number of reputable companies, including Bell and Picolo Research, before joining Gitcoin. Gitcoin's DAO and governance token were launched in May 2021, enabling the community to participate in the governance of the platform.

In summary, Gitcoin is an innovative platform that enables the funding and coordination of open-source development projects through novel means such as quadratic funding. Its mission to build and fund digital public goods makes it a crucial player in the open-source software development space, and its community-driven approach ensures that projects receive adequate funding to thrive and grow. With the GTC token and its DAO, Gitcoin puts the future of the platform in the hands of the community growing around it, allowing for greater decentral.