GitcoinGTC to CAD

This article will help you understand many components of this digital currency. We will touch upon various aspects of Gitcoin which will take into the complete depth of this digital currency. Moreover, it will aid in deciding whether it is a good idea to invest in it or not. 

What is Gitcoin (GTC)?

Gitcoin is the creator of various conveniences in order to finance, develop, and preserve everything that matters. In the course of time, this coin has transformed from a single platform to a set of flexible protocols. It now uses a wide range of approaches such as Quadratic Voting, Direct Grants, and Retroactive Public Goods Funding.

It is a golden opportunity for the new developers and builders to show off their talent through the Gitcoin Grants program. It has empowered a diverse variety of startups whose main aim is the good of society as a whole. Such projects include those who want to leave their mark in the field of open source, climate change, decentralized finance (Defi), and other productive spheres. 

The Gitcoin grant stack is an entirely decentralized identity management platform. In a similar manner, the Allo system is an open-source financing system whereas the Gitcoin passport is its core product. 

The launch of this token took place in the later part of May 2021. The main use of this token is in the realm of capital creation of the DOA that runs Gitcoin. 

Who Are the Founders of Gitcoin?

The main people behind setting up this coin are Kevin G. Owocki and Scott Moore. Kevin has worn different hats right from being a Sole Proprietor, Quality Assurance Engineer at Barclays Bank, and Research Assistant at Bartol Research Institute and the University of Delaware to being a CEO and founder of  Code-Monkey and Step out before founding Gitcoin. On the other hand, Scott has continued to counsel projects such as ENS, Gnosis, Safe, and Optimism as an able advisor along with being a cofounder for Gitcoin. 

How Does Gitcoin Work?

Gitcoin relies on its main products for funding projects that the community supports. These communities play a role in the building, administration, management, and expansion of the grant programs. This takes place with the use of a grants management system. This is a method for communities to allocate collected resources that are provided via the open-source Alo protocol. However, a Gitcoin passport can help you can help you protect yourself from Sybil attacks and manage your decentralized identities. The owners of the projects of Gitcoin's goods are usually the community and they are managed directly using the governance token, GTC

What Makes Gitcoin Unique?

The worldwide financial effect of Gitcoin has gone over $29 billion. This is sure to serve to create a positive impact in the future and lead to a hopeful one. 

Gitcoin is actively working to develop the "Quadratic Lands'. This includes a digital democracy in the system and a heavy focus on community development.

How Many Gitcoin (GTC) Coins Are There in Circulation?

There are one hundred million tokens in circulation in GTC. There will be a retroactive airdrop of 15%, 50% allocated to the Gitcoin DAO, and 35% reserved for current stakeholders. Existing stakeholders include everyone who has ever helped construct Gitcoin, whether that's in the past or in the future (with a vesting timeline of at least two years for the Gitcoin team members). The retroactive drop-off is for anyone who has used Gitcoin in the past. The DAO allocation is for governance reasons.

How is the Gitcoin Network Secured?

According to the first blog post on the token, GTC is not valuable in an economic sense. Gitcoin has a built-in delegation prompt in the retroactive claim procedure and is a fork of the COMP/UNI governance system.

What Are the Potential Use Cases for Gitcoin?

The primary objective of Gitcoin is to operate as a medium for the development and finance of public goods projects in several fields, such as open-source software, decentralized finance (DeFi), and climate change. Through the Gitcoin Grants Program, Gitcoin has dispersed more than $54 million to startups in their early stages of development. Managing funding programs, distributing pooled resources, and safeguarding projects from bots and unscrupulous actors are all possible using the platform's range of capabilities. In addition, Gitcoin Passport does not save any personally identifying information while letting users establish a digital identity and demonstrate their humanity.

Where Can You Buy Gitcoin (GTC)?

Gitcoin is available for purchase on many exchanges, including Binance, Coinbase, and Kucoin. 

Future of Gitcoins (GTC)

The projected annual low price of Gitcoin in 2025 is $1.114231, derived from the cryptocurrency's past price movements and the Bitcoin halving cycles. In the meantime, next year we might see Gitcoin prices as high as $5.32. 

Conclusion

We have tried to uncover many elements of Gitcoin in this article. However, there are chances that we might have failed to unwind some of the important details of this coin. Therefore, it would be preferable that you do your own exhaustive fact check or get in touch with a crypto expert.