GitToken: A New Project Trying to Revolutionize the Development of Open-Source Software
HOUSTON, TX / ACCESSWIRE / May 21, 2021 / If you follow the software space, you may already know that there are two different communities of developers: Open source software developers who make the source code of their software publicly available for anyone to change, and the Private software industry that never shares the source code of their work. The open-source software community is large, but still, it’s very small in comparison to the size of the private closed-source software industry.
The reason behind it is that the developers who are part of the latter ecosystem get paid significantly more than their open-source counterparts. Because all the methods of rewarding open-source developers (I.e. bug bounties, recognition through meetups, etc.) come nowhere near the rewards and recognition that’s given to the developers of private software companies. Unless there’s a mechanism in place to reward the developers of the open-source community in an equal manner, it shall remain smaller than the private software industry.
How GitToken can reward developers in a decentralized manner
GitToken is a new token and project built on Ethereum’s ERC20 protocol to reward the players of the open-source community for their work. The project has developed a reliable decentralized system where tokens are distributed to the developers on the basis of how valuable their contributions are to any particular project or community. The algorithms decide the importance of someone’s contributions on their own, thereby eliminating any possibilities of favoritism from humans. More valuable contributors get more tokens, and the value of those tokens soars in the future as the token rewards get deprecated in a manner similar to Bitcoin. This shall further encourage them to give more valuable contributions in the future.
Distribution of tokens
The distribution of GitTokens will be done in two different ways. One is for the investors, and the other for the developers. Here’s a quick introduction to both of them:
l Distribution to investors: A single tranche distribution to investors will be done at a predetermined price, without any sort of locking. These investors can invest in the vision at presale or later stages, and tokens can be made available for trading on popular crypto exchanges.
l Distribution to developers: This is the interesting part. Tokens are distributed to developers on the basis of how valuable their contributions are to any project/community, and the distribution is done in a timely and automated manner by the algorithms developed by the GitToken team.
Token metrics:
Total supply -62,000,000
Open Source contributors reward (to be distributed over years using halving methodology) – 21,000,000 (34%)
Presale – 21,000,000 (34%)
Liquidity on AMM (locked for 6 months) – 13,369,860 (22%)
Team & Ecosystem Development (Locked for 6 months & linear vesting for 12 months after that)- 4,630,140.00 (7%)
Marketing (800K unlocked, 1,200,000 locked for 4 months)- 2,000,000 (3%)
GitToken Presale Details
GitToken will be launching its presale on Unicrypt on 24th May at 1400 UTC.
Presale – 21,000,000 $GIT
Tokens per ETH during presale – 93750 $GIT
Tokens per ETH during listing – 85227 $GIT”
Presale Hard Cap – 224 ETH
Personal Hardcap – 4 ETH
Listing Mcap – $1,088,840 USD (including Uniswap liquidity)
How can developers request the rewards?
The developers can request rewards by submitting a triplet of
Conclusion
GitToken has set an ambitious goal of making the open-source software community a dominant force in the entire software industry. And it turns out that they’ve also found a reliable path to achieve this goal. Now if we too support this project by investing in it and adopting it, we can help them achieve their goal and make the open-source community at least as large as the private software space, if not larger. So keep an eye on their updates announced through their website, and also spread the word about them.
You can also join GitToken’s Telegram community for the update, please visit here
Media Contact:
Email: info@gittoken.tech
Website: https://www.gittoken.tech
Medium Blog: https://git-token.medium.com
Twitter: https://twitter.com/Git_token
SOURCE: GitToken Technology LLC
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