Gitcoin, a development bounty site, has introduced a new type of reward for its users to circulate. The site has traditionally hosted open source projects and rewarded developers who work on those projects with Ethereum tokens. Now, Gitcoin will offer Kudos, which are essentially thank you cards on the blockchain with custom artwork.
What is GItcoin?
Gitcoin serves as a community development board. The platform’s users can post an issue to the site and fund it with crypto. When a developer takes on that issue, Gitcoin will pay out crypto rewards to that developer. Until recently, Gitcoin only allowed its users to use ETH and ERC-20 tokens as rewards. These are standard cryptocurrency tokens, which are interchangeable and can be used as money.
By comparison, the new Kudos rewards are non-fungible ERC-721 tokens. Unlike most tokens, these tokens cannot be used as a currency and are meant to be collected. This type of token made its debut in Cryptokitties last year, but its use has spread significantly.
“Here at Gitcoin we believe in the potential of [non-fungible tokens], so we created our own,” the site explains.
Each Kudos token is unique and can be verified on the blockchain — it is a gift that carries sentimental value in addition to monetary value. Besides expressing one’s gratitude, Kudos tokens also serve as a badge that describes someone’s particular skill set. Various tokens that represent developer specialties are available, such as Bug Eliminator or Design Star.
The money spent on each Kudos token is given to the artist who designed it — a further contribution to the Ethereum ecosystem. Although the token representing each Kudos is unique, the design is not necessarily unique, as artists can create limited production runs. This keeps Kudos tokens inexpensive (priced at less than a dollar), but also allows artists to earn a significant amount of money by selling hundreds of tokens per design.
The project also has a lot of room for growth and partnerships. Those who wish to design Kudos can post their ideas to the project’s Github page. The project is also seeking out developers who are interested in integrating Kudos tokens with their apps in the future.
The post Gitcoin Introduces Collectible “Kudos” Rewards appeared first on UNHASHED.
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