Blockchain networks offer society an alternative to the “just trust us” paper promises of today by leveraging mathematics, physics, and encryption to provide “cryptographic guarantees” that contractual agreements will execute exactly as written. The power of blockchains comes from their global, open-source, decentralized, and permissionless nature, making it easy to create and access blockchain-based markets and services with cryptographic guarantees from anywhere in the world.
In order to grow this new form of “cryptographic truth“, it’s imperative that open-source communities maintain underlying blockchain infrastructure to keep it secure, functional, and easy to adopt for new users. Open-source development is key to meeting the needs of a global network of stakeholders and why blockchains like Ethereum have come to be known as public goods—supporting a wide range of decentralized applications (dApps) that revolutionize how users monetize and exchange value across various market segments.
In support of open-source development, we are excited to announce that we are joining the upcoming Gitcoin Grants Round 11 as a matching partner. Our contributions will go towards the development of Ethereum infrastructure that the Ethereum community deems the most important via Gitcoin’s quadratic funding model. Gitcoin incentivizes developers to build key infrastructure and tooling such as open-source programming libraries, lightweight Ethereum clients, Ethereum 2.0 implementations, reliable monitoring tools, new testing suites and deployment tooling, and more. Gitcoin grants also provide compensation for the maintenance of existing infrastructure that thousands of developers rely upon to ensure Ethereum dApps remain secure and operational at all times.
Joining Gitcoin Grants Round 11 comes as part of our continued effort to provide extensive resources to blockchains and smart contract developers. Past efforts include joining previous Gitcoin Grant rounds, initiating bug bounty programs, and sponsoring hackathons. In addition, the Chainlink Community Grant Program provides key resources to the many development teams and researchers building a more secure and functional Chainlink network, both for Ethereum and other blockchain environments.
Democratizing Financial Support For Decentralized Infrastructure
In addition to Gitcoin galvanizing broad community support as an Ethereum-focused grant program, Chainlink continues to participate in the Gitcoin Grants program due to its usage of a quadratic funding model. Quadratic funding works by prioritizing projects with the largest number of individual donors from the community. This means, regardless of their donation size, each individual donor can signal their support for a project and directly influence the amount of funding a project receives from contributing partners. Additionally, Gitcoin employs various security mechanisms to mitigate voter manipulation and Sybil attacks, helping ensure the community selection process is upheld faithfully.
Our support of Gitcoin Grants is fundamental to our goal of creating a more economically fair world. Ethereum and other blockchain ecosystems play a key role in fundamentally changing the way society coordinates economic activity, providing decentralized infrastructure that generates cryptographic truth on the state of agreements. With the backend infrastructure of Ethereum supported by thousands of individuals across the globe, it is critical that the tools and frameworks required to maintain its operation and security are properly funded—ultimately expanding cryptographic truth into more industries, use cases, and geographic regions.
Thanks to secure and reliable blockchains, the DeFi ecosystem continues to expand and provide users all around the world with permissionless access to a wide range of financial services that were previously inaccessible. Beyond the DeFi ecosystem, we are also seeing a growing diversity of hybrid smart contracts built on open-source blockchain infrastructure such as Non-Fungible Tokens (NFTs), insurance, gaming, and more. We look forward to continuing our support of Ethereum and its widely used infrastructure, both through the deployment of Chainlink decentralized oracle network services and the funding of community platforms like Gitcoin.
How to Join Gitcoin Grants Round 11
There is still time to propose a project to be eligible for Round 11 funding. You can do so here.
Gitcoin Grants Round 11 will begin on September 8th and finishes on September 22nd. You can find more information here.
We want to thank the Chainlink community and the wider blockchain ecosystem for their passionate support and continued efforts in building high-quality open-source infrastructure. We’re honored to provide developers everywhere with the decentralized services needed to create hybrid smart contracts that improve people’s lives around the world.