SNEAK PEEK
- As an alternative to the extractive manner web2 platforms exploits user data, Gitcoin is developing Gitcoin Passport, your decentralized internet citizenship permit.
- The concept was first put forth in 2015 by scholars at Princeton University’s Institute for Advanced Study, together with quadratic voting.
- Gitcoin will utilize Passport to help ensure that its donations are distributed fairly, but DAOs can also use it to improve governance.
The ability of blockchain technology to scale human-first engagement—enabling real community control over platforms and online communities through voting, communal fund distribution, and other means—is one of its most exciting features.
Many newly developed blockchain applications rely on the assumption that everyone in a community is acting honestly, such as play-to-earn gaming, and quadratic funding (a method of funding a project that distributes funds based on the number of contributions received rather than the total amount), and on-chain voting.
Gitcoin is creating Gitcoin Passport, your decentralized internet citizenship permit, as an alternative to the extractive way web2 platforms treat user data. Every vote should count for one, but this is a natural alternative that is notoriously difficult to implement in environments like most DAOs where stakeholders are often anonymous and dispersed geographically. In this situation, a Gitcoin Passport is useful. It’s the first quarter of what Owocki refers to as Gitcoin Grants 2.0’s multi-quarter rollout.
Gitcoin has announced that it is building the Gitcoin Passport, a Web3 digital identity. After integrating with Passport, instead of relying on a middleman to verify someone’s identity, dApps can verify it themselves with a customizable algorithm. https://t.co/0B61J6w9AU
— Wu Blockchain (@WuBlockchain) August 12, 2022
The fundraising technique known as quadratic funding was first applied by Gitcoin. In addition to quadratic voting, the idea was first presented in 2015 by academics at Princeton University’s Institute for Advanced Study.
With 14 award rounds totaling millions of dollars in funding from hundreds of donors, Gitcoin has adopted this fundraising methodology for its quarterly grant rounds.
However, for the initiative to be successful, it must be made sure that substantial contributions from a single individual or organization can’t be divided up into numerous smaller sums, creating the false impression of widespread support. Sybil resistance refers to safeguards that keep the system from being manipulated in this manner.
Passport will aid Gitcoin in ensuring the fair distribution of its grants, but DAOs can also use it to enhance governance.
