Benzinga was given a chance to talk about Gitcoin’s impact with its founder, Kevin Owocki, following his talk at EthCC 5, July 19-21, in Paris.
What Happened: This came after the most recent Gitcoin fundraising round closed raising just over $5.1 million.
Gitcoin, the largest crowdfunding platform in the Ethereum (CRYPTO: ETH) ecosystem, uses quadratic funding to optimize for the many rather than the few.
By using quadratic funding, Gitcoin runs a fund matching campaign of $3 million and grants it to the most popularly voted upon grant.
Gitcoin released “Gitcoin Passports” this summer to ensure individuals were not spinning up numerous different wallets to act as many different participants, known in the industry as a Sybil attack. The passport acts as a form of Sybil resistance, and it helps to guarantee that the funds are granted to the many, not the rich few.
“So I see this opening up a whole new epoch of innovation in the Web3 space. Importantly, it’s an innovation for every day people. More democratic innovation, not just hyper finance, like DeFi stuff,” said Owocki.
When asked about the success Gitcoin has had, Owocki said, “There’s another category of runaway hits that I’m really excited about, Uniswap and Yearn.finance are Gitcoin alumni. And, you know, now those are …
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