Cryptocurrency Q&A
Is Gitcoin an ERC20?
Is Gitcoin an ERC20?
CryptoElite
Fri Jul 26 2024
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6 answers
1090
Excuse me, could you clarify for me if Gitcoin is indeed an ERC20 token? I understand that ERC20 is a technical standard used for smart contracts on the Ethereum blockchain, allowing for tokens to be fungible, interchangeable, and divisible. Given that Gitcoin is often mentioned in the context of cryptocurrency and blockchain technology, I'm curious to know if it adheres to the ERC20 standard or if it operates under a different framework. Could you provide some insight into this matter?
6 answers
Valentina
Sun Jul 28 2024
The Gitcoin governance ecosystem stands as a pillar of the decentralized finance space, centered around the GTC token. This token operates under a COMP/UNI-inspired governance model, fostering an environment conducive to on-chain voting, snapshot voting, and community-driven decision-making.
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Tommaso
Sun Jul 28 2024
At its foundational level, GTC embodies the essence of an ERC20-compliant token, adhering to the standards set forth by the Ethereum blockchain. This adherence ensures interoperability, security, and accessibility within the broader ecosystem.
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Eleonora
Sun Jul 28 2024
The 100 million GTC token supply serves as a finite resource, fostering scarcity and encouraging responsible stewardship by its holders. This supply cap promotes stability and predictability within the governance system, enabling stakeholders to make informed decisions.
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Valentino
Sun Jul 28 2024
The integration of on-chain voting mechanisms within the Gitcoin ecosystem empowers token holders to participate directly in shaping the future of the platform. This democratic approach ensures that the voice of the community is heard and that decisions are made in the best interest of all stakeholders.
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Sara
Sat Jul 27 2024
Snapshot voting, another key feature of the Gitcoin governance model, allows for the swift and efficient aggregation of community sentiment. This process captures a snapshot of token holdings at a specific point in time, enabling a fair and transparent representation of stakeholder opinions.
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