Gitcoin Announces $200k Grant for Ethereum, Looking To Roll Out at Least 4 More Rounds In 2020
- Out of the two separate pools, $125k will be allotted to ETH 2.0, Defi, UX, and crypto-wallets
- The mechanism used for funding “elevates the voice of people who make smaller contributions”
- It is expecting 2,500 unique contributions by Ethereum community and top 10 projects to receiving $10,000 in funding each
Gitcoin has announced a grant of a record of $200,000 to Ethereum projects. Round 4 of the grant uses a Liberal radicalism mechanism for the funding to allocate the $200k matching pools.
Gitcoin is a platform where you get paid to work on open-source software in Python, Ruby, Rust, HTML, Solidity, SCC and more.
The open-source platform is now allocating grants for two separate pools. Gitcoin will invest $75,000 in media, community, and marketing while $125,000 will be allotted for Ethereum infrastructure products involving ETH 2.0, decentralized finance (DeFi), crypto wallets, and UX.
Elevating the Smaller Voices
The company will be using the Liberal radicalism mechanism for quadratic funding. “While ‘radical’ refers to exploring innovative techniques to fund our public goods, it also refers to the ‘radical’ (square root) based matching mechanism used to determine the match,” explains Gitcoin.
“This mechanism, sometimes called Quadratic Funding, uses the sum of the square roots (radicals) of donations made to a project to determine it’s match.”
“Small contributions matter more than a few big ones,” says Gitcoin and it is the reason behind going with this mechanism because it “elevates the voice of people who make smaller contributions.”
Ambitious Future Plan
The next round will open on January 6, 2020, until January 21. Gitcoin also has some ambitious goals for this round, expecting to see the top 10 projects receiving at least $10,000 in funding each, $75,000 in community contributions towards 42 projects, and 2,500 unique contributions by Ethereum community members.
Over the next year, the company plans to have quarterly rounds on the following dates,
- Q1 Match: January 6th — January 21st
- Q2 Match: March 16th — March 30th
- Q3 Match: June 15th — June 29th
- Q4 Match: September 14th — September 28th
These scheduled rounds it says will help them provide a strong source of funding to the Ethereum community for operations.
Since its launch in January 2019, Gitcoin has distributed $797,000 to open source projects. Currently, the goal is to “allocate at least $1.5MM to Ethereum infrastructure” during this time.
Parity Moving Out
Meanwhile, earlier this week, one of Ethereum clients, Parity Ethereum announced that it will be maintained by a decentralized autonomous organization (DAO).
Parity Technologies, established by Ethereum co-founder Gavin Wood in 2015, said they would end their maintenance efforts to Parity Ethereum codebase because they are “increasingly unable to dedicate the level of resources required for even simple maintenance.”
However, critics say without proper funding, the project is likely to crash.
As we reported this week, Ethereum co-founder Vitalik Buterin revealed that he urged Ethereum Foundation to sell 70,000 ETH worth about $100 million near the bull market top.