What is Gitcoin?
Part GitHub (Git) and part Bitcoin (coin), Gitcoin is essentially a marketplace for open source project managers to meet open source project developers.
The main problem that Gitcoin tries to tackle is filling the disconnect between people that need developers for a job and developers finding work for themselves while remaining open source.
The Gitcoin Solutions
Gitcoin promises to make the connection between open source project funding and open source project developing as easy as possible using the power of blockchain to distribute funding appropriately for developers who take on projects within the Gitcoin ecosystem. We are entering a stage of Web3 where co-creation and collaboration can be taken to a new level with the power of blockchain leading the charge to keep things distributed fairly, accurately and on time.
The GTC Token is a governance token. This allows Gitcoin to become more decentralized and allows for the implementation of a DAO to handle all grants, distribution of funds and allocations to be set in smart contracts and allows for the voting of new implementations as well as the review of older code.
Gitcoin is not a concept, they have been going now for four years. Their results speak for themselves. Almost 2000 projects have been created up to this point. Gitcoin can clearly say they have achieved Proof of Concept. The next step for them is to grow and scale in a way that allows even more developers to get started with new projects.
They have started to bring in new developers by adding roundtables and hackathons that give developers a much needed way to network with each other before, during and after collaborations.
Kevin Owocki is the founder of Gitcoin.co — Where builders & funders come together to build the open web. Gitcoin has delivered $21mm worth of value to OSS devs in the last several years. He has a BS in Computer Science, 15 years of engineering leadership experience in Open Source Software and Web Startups. Kevin is a community organizer in the Boulder Colorado Tech Scene. (Source Mainnet)
Scott is a co-founder and community lead for Gitcoin, a platform and DAO for building and sustaining digital creators and digital public goods. He’s also played a supporting role in a variety of other organizations focused on this mission including the Digital Public Goods Alliance, Seed Club, and SustainOSS. To date, Gitcoin has distributed over $30M to open source developers around the world. (Source Mainnet)
The Price Action
GTC started hot on the initial launch but the spike only lasted a day. That ATH on June 10th, 2021 would remain the ATH until only a few days ago. The drop was 80% and lasted 12 days.
The low that was a result of the first initial dump has remained as the ATL since it was established on June 22nd of this year. The first rally was just over two months long and GTC put in a 235% rally but was far short of testing its ATH.
The drop that followed the rally saw a loss of 60%. There was just about two months of sideways action before a massive single day 154% candle was put in. This resulted in a peak gain of 370% from the previous swing low and also resulted in a brand new ATH.
The current pullback from the new ATH is sitting at 44%.
We have two upcoming moves for GTC if GTC is to find support after this current pullback. Both of these potential levels are indeed in Price Discovery and they are both over 100% in gains from the optimal entry which is not only the previous level of resistance but also the 618 pullback of the new rally.
We are looking at $35.97 as the first key target area where traders and investors may be looking to take some profits off the table.
The next area sits at $55 and would be a 256% move from the entry zone.
GitHub is already a very vibrant collection of developers and project managers. Gitcoin adds the ability for these developers to gain more projects, remain open source and receive better funding than they ever have before. Web3 requires million of developers to get on board and start coding for the future.
Regardless of what happens to Ethereum – developers will always be writing and developing for any blockchain technology that has a path or a project that can be launched into the world. With that, Gitcoin has a home for a very long time.
Gitcoin has already proven that it’s a pivotal piece of the puzzle in regards to collaborations, grants, learning and development within the Web3 ecosystem and now the blockchain environment as well. GTC, as a governance token, removes the subjectiveness of one man or one team and places the authority into the hands of the people holding GTC for the long term. DAOs are an important development for decentralization and it appears that Gitcoin understands that completely.