Gitcoin Unveils Layer 2 Public Goods Network for Financing Public Goods on Ethereum
Gitcoin has announced the activation of its Layer 2 Public Goods Network (PGN), a low-cost solution on Ethereum designed to finance public goods. Here are the key points:
– Gitcoin and Conduit jointly manage PGN, which serves as a dedicated blockchain for funding key services for decentralized applications and their users.
– PGN is built using OP Stack, developed by the creators of OP Mainnet. Other Layer 2 projects like Base, Zora, and BNB Chain are also using OP Stack.
– The network utilizes Optimistic Rollups technology to aggregate Ethereum transactions on a secondary layer, reducing user transaction costs while maintaining network security.
– PGN is compatible with the Ethereum Virtual Machine (EVM) and offers functionalities similar to the OP Mainnet.
– PGN’s unique approach to sequencer fees ensures that a significant portion of these fees will be directed to support public goods projects, rather than going to venture capitalists.
Gitcoin’s PGN complements its existing operations by incentivizing open-source software development within the Ethereum ecosystem. It provides a marketplace where developers can earn financial rewards through bounties for their contributions to open-source projects.
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