The lesser-known digital currency Gitcoin has experienced 100% growth in the past month. Experts believe that the technical features of Gatcoin have made the ecosystem of this digital currency grow well in this short period of time and attract the attention of many developers.
to the Report Coin Telegraph, China’s blockchain industry is getting bigger and bigger and is slowly becoming a regular part of our daily lives. At the same time, the idea of ”the superiority of one Blockchain over other networks” and extremist ideologies about this technology is disappearing, and the issue of cooperation with other Blockchains is becoming more and more prominent.
Gatcoin is a project specifically designed to help advance the digital currency ecosystem and build the future of the free Internet. It can be said that Gateway is a collection of creators, creative people and protocols that work together.
New data show that the price of Gatcoin increased by 103% from $ 4.78 on July 20 (July 29) to $ 9.71 on August 11 (August 20). This price increase has been driven by an increase in the number of partners in the Gatcoin project and the design of this protocol for the development of the third generation Web infrastructure (WEB3).
Increase the number of participating platforms with the Gatcoin protocol, support for the governance features of the Decentralized Authority (DAO), which allows users to participate in platform control, and provide pools of payment facilities with adequate liquidity that can be used to develop projects and protocols. Is one of the main reasons for the significant growth in the price of gateways.
Increasing the number of gateway partners
The main purpose of the Gatcoin protocol is to build and support third-generation web infrastructure. This mission includes the development and design of new tools, technologies and networks that can make the development of open source software easier than before.
In addition, the gateway ecosystem provides the conditions for collaboration with a wide range of protocols and platforms. Gatcoin encourages developers to pursue their activities in this ecosystem by holding hackathons and paying for financial facilities.
A hackathon is an event in which programmers and other people, including graphic designers and project managers working in software development, come together to work together on software development projects.
Harmony, Nervos Network, Tezos, Casper and Arweave are some of the projects that have recently been actively involved with the Gatquin ecosystem.
Offering attractive prizes and financial incentives to developers active in hackathons and other gateway-sponsored events has enabled projects active in the protocol to attract developers and people who need their presence to thrive.
Dao applications in controlling platforms
Dao or decentralized self-government is an emerging and significant trend in China’s blockchain industry. Dao is especially important because it empowers members of the digital currency community to vote and enable them to make decisions about the future direction and development of platforms.
Gateway has embraced this model and now has an active community that works with project management to vote on proposals.
Some members of the Gateway community who do not wish to participate in the day-to-day decisions of the Protocol may give their voting right to someone they trust to vote on their behalf and receive a certain percentage of the reward.
There are currently five independent Dao workflows in the gateway ecosystem, including anti-fraud and anti-collusion streams, public products, software development facility payments, the Moonshot Collective, and the Behavior Patterns, Product Marketing, and Marketing suite.
Also read: What is a Decentralized Authority (DAO)?
Attractive facilities for new developers
The pool of financial facilities has helped the gateway ecosystem to accept new members and developers into its community; This is in the interest of all Gitcoin partner protocols.
Gatcoin uses its community grants and second-rate implementation to raise funds needed to pay for open source projects. The cash in the facility pool is also rewarded to hackathon participants and members of the gateway community.
The Gatcoin community has recently been decentralizing the facility payment process to take another step toward building a truly decentralized protocol that is run by members of its community.