Chainlink announced partnership with Gitcoin

Chainlink announced last Friday, June 11, through its Twitter account, its partnership with Gitcoin. According to the company, Chainlink’s contribution supports infrastructure projects that improve the overall security, reliability, and user experience of Ethereum.

La imagen tiene un atributo ALT vacío; su nombre de archivo es Chainlink-2.jpg
Image on Chainlink’s Twitter post

“In support of open-source development, we are proud to join the upcoming Gitcoin Grant Round 10 as a matching partner. Our financial contributions will go towards the development of the Ethereum infrastructure that the Ethereum community has deemed most important through Gitcoin’s quadratic funding model. By democratizing funding, Gitcoin incentivizes developers to build key infrastructure and tools, such as open-source programming libraries, Ethereum thin clients, new Ethereum 2.0 implementations, more reliable monitoring tools, new test suites and implementation tools, and more. Gitcoin also provides financial compensation through open-source grants for the maintenance of highly critical existing infrastructure to ensure that Ethereum dApps remain safe and operational at all times”, he said through an article posted on his website.

The company explained that the partnership is part of its ongoing effort to provide financial resources directly to developers on Ethereum and a broader smart contract ecosystem, such as through other Gitcoin funding rounds, bug bounty programs, and hackathons. Additionally, the Chainlink Community Grant Program provides financial support to the many development teams and researchers creating solutions for the Chainlink network.

Democratization of financial support for Ethereum developers

Chainlink indicated that one of the key reasons it continues to support Gitcoin is the use of a quadratic funding model. According to the company, the quadratic funding model works by prioritizing projects with the largest number of individual donors in the community, while still having security mechanisms in place to mitigate voter manipulation.

Also read: Cryption Network announced collaboration with Frax Finance

“Therefore, regardless of the size of their donation, each individual donor can signal their support for a project and directly influence the amount of funding that project receives. Gitcoin’s quadratic funding model democratizes funding, ensuring that all members of the Ethereum community can determine which projects have the most impact and deserve funding”, he added.

In his view, emerging decentralized finance (DeFi) projects are already using hybrid smart contracts to challenge traditional finance by offering anyone around the world with an Internet connection access to financial products and higher returns, while simultaneously give users full control over their assets and full transparency of risks. In addition, the parametric insurance products powered by Chainlink provide universal access to crop insurance, even in regions of the world without developed legal systems or traditional forms of insurance.

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