Founder of Gitcoin plans to return to the crypto

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Founder of Gitcoin plans to return to the crypto

A founder's leadership of a project into a decentralized community can be a noble goal but can be difficult to execute.

In the latest example of the challenges faced by decentralized organizations, Gitcoin founder Kevin Owocki plans to take an active role in the project once again, according to a Sept. 5 post.

In 2019, Gitcoin's flagship grant product, Gitcoin's funds for public goods through donations from the community, was quickly adopted by crypto enthusiasts as a way to support their favorite projects.

The crypto community has taken heat in recent initiatives, in May, when the project announced a funding round that included a diversity mandate. Many in the crypto community disagreed with making aspects of teams' identities a criteria for eligibility.

Gitcoin teamed up with oil and gas conglomerate Shell to finance its climate-oriented rounds with $500,000 over 12 months.

It's not the first time a founder has returned to a major crypto project in times of crisis, - Kain Warwick joined Synthetix in 2021.

After receiving grants for useful tools like CryptoFees.info, David Mihal, a member of the group, said he had been rejected for recent funding rounds without any apparent cause.

In a follow-up interview with The Defiant, Mihal said that he appreciated Gitcoin but also deplored the project's user experience.

Gitcoin has not received any goodwill from the price action of its GTC token - after the project removed $100M of the token in 2021, GTC has dropped with the rest of the crypto market and is down more than 95% from its all-time high of $22.37.

The last three rounds of Gitcoin have utilized a more decentralized tech stack, Owocki said. s a decentralized political economy, he said. For almost every project that has sought it, the process of decentralization has been challenging - new forms of accountability outside of a traditional employer-employee relationship need to be formed, resulting in opportunities for responsibilities to fall through the cracks.

It is easy to see that the mechanism does not discriminate against or against any specific people, said Buterin in a 2020 article, where he introduced the concept.

Owocki is still learning what he means by returning to Gitcoin. He said that he has spoken to Synthetix's Warwick and the controversial founder of MakerDAO, Rune Christensen, about what it's like returning to a project after it's already begun to decentralize.

Christensen has always made waves with his Endgame plan for Maker, which involves significant changes to the protocol, which the founder's suggestion that Maker should fork the Solana blockchain has been welcomed by many.

Owocki said he doesn't plan to shake up Gitcoin to the same degree. I'll be working on creating an endgame for Gitcoin that's more of a bottom-up synthesis of what the network thinks that we should be doing, he said.