#257 Kevin Owocki: Gitcoin – Aligning Incentives in Open-Source Development

Source From https://letstalkbitcoin.com/blog/post/epicenter-257-kevin-owocki-gitcoin-aligning-incentives-in-opensource-development

Building open source software is a collaborative process which relies on good faith and willingness of volunteers. While most of the software we use daily relies heavily on open-source libraries, incentive models are broken. Repo maintainers are eager to see their projects evolve, but have little leverage to encourage developers to contribue. And projects contributors create enormous value by dedicating their time and expertise while getting little in return. Both open and closed-source projects utilize bountied to source engineering talent. Combined with blockchain technologies, there is a potential to create efficient, two-sided markets which align incentives for all participants.

We’re joined by Kevin Owocki, who is the Founder of Gitcoin. The Ethereum-based platform leverages the open source community to incentivize and monetize work, remunerating developers for pull requests made to projects. Gitcoin was itself built using Gitcoin and is today facilitating bug bounty payments for dozens of blockchain projects. At the time of writing, over 200 projects have used the platform to distribute over $340,000 in bounties to developers. As Gitcoin continues to grow, the goal is to expand its reach to the broader open-source ecosystem.

Topics discussed in this episode:

  • Kevin’s background as a software engineer
  • The fundamental challenges in open-source development and funding
  • What is Gitcoin and how it addresses incentive alignment
  • How Gitcoin works from the perspective of both project funders and contributors
  • The platforms usage statistics (projects funded, contributors, bounties paid, etc.)
  • How Gitcoin may be used to fund closed-source bountied and public goods
  • Kevin’s proposal for recurring payments in Ethereum (EIP1337/ERC948)
  • How Gitcoin is funded and the project’s business model
  • Gitcoin’s roadmap moving forward

Links mentioned in this episode:


  • DutchX: The open, decentralized trading protocol for ERC20 tokens using the Dutch auction mechanism
  • Azure: Deploy enterprise-ready consortium blockchain networks that scale in just a few clicks

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Epicenter is hosted by Brian Fabian Crain, Sƒbastien Couture, Meher Roy & Sunny Aggarwal.

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Op Ed There Is a Satoshi of Truth in Every Joke

Source From http://cryptscout.com/news-portal/?id=20&ref=2302&utm_source=RSS&utm_medium=rss&utm_campaign=news-portal

n nn nn This rather long meme, which has been circulating lately, makes fun of the views of Bitcoin supporters by listing commonly made statements and contrasting them with contradicting statements or developments.This was obviously intended for humorous purposes, and as such, I should probably not take it too seriously.But as the titular proverb goes, there is a grain of truth in every joke, and the existence of this image sheds light on what some people think. I

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Ethereum Foundation Issues $3 Million in New Grants

Source From https://bitcoinmagazine.com/articles/ethereum-foundation-issues-3-million-new-grants/

Ethereum Foundation Grants Program

The Ethereum Foundation has awarded a total of $2.86 million to 20 different projects in Wave IV of its Grant Program.

Announced at the beginning of 2018, the foundation began the new year with a resolution to fund promising projects that develop on Ethereum. Since the program’s launch, the foundation has committed over $14 million to 72 projects, the majority of which has gone to startups focused on scaling, with security and user experience receiving the next most in funding.

The latest wave of capital allocation keeps with the familiar theme of scalability, though it also concentrates almost equally on developer experience projects. Securing $500,000, Status’ Nimbus, an Ethereum 2.0 sharding client, is tied alongside Prysmatic Labs’ Eth 2.0 Prysm client for attracting the most funding. These two are followed by the $420,000 accrued by Spankchain, Kyokan and Connext for a collective project, originally unveiled at DevCon 4, focused on a non-custodial payment channel. To the tune of $375,000, the third largest grant was awarded to Prototypal​​ for “[front-end] state channel research and development.”

Honorable mentions include the $250,000 allocated to Finality Labs​​’ work on forward-time locked contracts (FTLC) and with a like amount given to Kyokan to develop cash and debit plugins for Plasma, an Ethereum payment channel solution in the same vein as Lightning.

For developer experience, TrueBlocks secured $120,000 to create an open source block explorer, and Gitcoin​​ received $100,000 to kickstart bounty funding on its platform.

In the original post that unveils the program, Vitalik Buterin stresses that “[these] payments are NOT intended to be sources of substantial profit to recipient organizations; they are rather intended to cover some of the costs involved, with the understanding that anyone who participates in the scheme will have access to a unique opportunity to participate in Ethereum 2.0 development.” Outside of an infusion of capital, this “unique opportunity” includes working closely with Ethereum’s core research and development team.

At the end of each grant update, the foundation provides a wish list for the projects it’s looking to fund in the future. At the top of the Wave IV list, the foundation calls for more payment/state channel solutions, Plasma development, smart contract auditing, intuitive wallet designs, key management software and privacy solutions, among others.

This article originally appeared on Bitcoin Magazine.

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50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Source From https://news.bitcoin.com/indian-traders-investing/

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Fifty traders who use Indian crypto exchange Instashift have shared their thoughts on the current crypto environment in India. Most of them said that they “hodl” and would continue to invest in crypto despite regulatory uncertainty.

Also read: RBI Argues Supreme Court Should Not Interfere With Its Crypto Decision

Most Respondents Are Hodlers

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in IndiaA survey was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Launched in March, Instashift offers the buying and selling of over 80 cryptocurrencies.

Fifty active traders in India participated. The goal of the survey was to find out what they think about various crypto-related issues including their investment concerns, the crypto banking ban by the Reserve Bank of India (RBI), and whether they will keep investing in crypto despite regulatory uncertainty.

Among the 50 traders who responded, 43 said that they hodl while seven revealed that they invest short-term.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Furthermore, 40 traders believe bitcoin is a safe haven against rupee inflation while 10 traders disagree.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Crypto Investing Despite RBI Ban

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in IndiaIndia is currently drafting crypto regulations which were supposed to be ready in September but have been delayed. Meanwhile, RBI, the country’s central bank, has banned financial institutions under its jurisdiction from providing services to crypto businesses. A number of petitions have been filed against the ban. The country’s supreme court has been trying to hear them since Sept. 11, but the hearing has continually been postponed.

The banking ban by the central bank has adversely impacted some exchanges. One of the country’s largest crypto trading platforms, Zebpay, recently shut down its exchange operations due to the banking problem.

Despite the ban, 32 Instashift traders said that they would continue to invest in crypto even if the RBI intensifies its crackdown such as freezing crypto accounts. Another 12 traders noted that they are also likely to continue trading while six respondents said they would discontinue crypto trading.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

In addition, 36 traders believe that the Indian government will amend existing laws to accommodate cryptocurrencies. Ten respondents believe that the regulators will remove restrictions on crypto. However, only four traders believe that crypto will be legalized and regulated in India.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Preferred Cash-Out Methods

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in IndiaA number of crypto exchanges in India have come up with their own solutions to the RBI ban. Some have introduced exchange-escrowed peer-to-peer trading services, which they claim have gained much popularity.

Respondents were asked about their preferred methods of cashing out cryptocurrencies into rupees. Forty-eight traders said they prefer to cash out using peer-to-peer sites. Five traders prefer to use local cash deals, four prefer to use gift cards and online deals, and four others prefer to cash out using prepaid crypto Visa and Mastercard services.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

On Sunday, another cash-out method was introduced by one of India’s largest crypto exchanges, Unocoin. The company has launched crypto ATMs to bypass the RBI ban and allow its users to deposit and withdraw rupees. This option was announced after the Instashift survey had concluded, so it was not included in the survey.

As for where to keep their funds, 24 traders prefer to keep them in BTC, 14 prefer altcoins, and 12 specifically prefer stablecoins. Recently, an increasing number of crypto exchanges in India have started listing stablecoins such as tether (USDT) and trueusd (TUSD).

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Future Prospects of Crypto Ecosystem in India

Amid the banking ban, 35 respondents believe that the fear of regulatory uncertainty is the biggest hurdle stopping the Indian crypto economy from flourishing. Twenty-six traders believe that the lack of banking support is the biggest challenge. Twenty-five traders put the lack of understanding of the crypto industry as the most important factor, while 18 traders attributed the lack of liquidity in the market as the top reason.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Despite all the hurdles, 41 traders said that they are long-term investors and will continue to invest in crypto. Seventeen traders admitted that they are apprehensive but expect the government to eventually create a positive environment for cryptocurrencies. However, four respondents are entertaining the idea of exiting the crypto space altogether.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

What do you think of the current crypto environment in India? Let us know in the comments section below.

Images courtesy of Shutterstock and Instashift.

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The post 50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India appeared first on Bitcoin News.

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OKEx Lists Four New Stablecoins

Source From https://bitcoinmagazine.com/articles/okex-lists-four-new-stablecoins/

OKEx stablecoins

Digital assets platform OKEx has added four stablecoins to its listed assets.

According to a support notice published by OKEx, the Hong Kong-based cryptocurrency exchange says that TrustToken’s TrueUSD (TUSD), Circle’s USDCoin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX) are now live on the platform. These four will join Tether’s USDT, the only stablecoin listed on the exchange prior to this announcement.

With the addition of these assets, OKEx now features more stablecoins than any other cryptocurrency exchange.

TUSD, which was launched in March 2018, is currently trading on popular exchanges Bittrex, Digifinex and Binance. In addition to this, other newcomer, fiat-collateralized stablecoins USDC, GUSD and PAX came to market last month. Circle’s USDCoin is available on Poloniex, the exchange acquired by Circle earlier this year and on South Korean Hanbitco and Everbloom.

Paxos, which issues and redeems PAX tokens one-to-one against the U.S. dollar, trades on Binance, while the Winklevoss’ GUSD is available on its native Gemini exchange, HitBTC, Bibox, LATOKEN and others.

OKEx, the second largest global exchange by volume according to CoinMarketCap, will start accepting deposits for the four new listings today, October 15, 2018, at 09:00 UTC. The digital asset platform will begin spot trading for the token pairs against bitcoin and tether tomorrow, October 16, 2018, at 06:00 UTC.

The listing of these tokens comes on the heels of tether (USDT) losing its peg, falling by as much as 8 percent against the dollar on October 15, 2018. At press time, Tether is trading at $0.96, according to data from CoinMarketCap, though Kraken has the coin trading at $0.92 against its USD trading pairs.

Confidence in the most popular stablecoin had been falling over the perception that Tether, LLC, the distributor of tether, doesn’t hold enough reserves to fully back all the USDT in circulation. In the meantime, other stablecoins have begun encroaching on Tether’s market dominance.

This article originally appeared on Bitcoin Magazine.

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