What is Gitcoin Passport and Why is it Needed?
The Gitcoin Passport is a specialized Web3 document employed across various projects, aiming to validate identities and distribute rewards based on user activity.
The Gitcoin Passport operates as an aggregator, accumulating personal data and charting user engagement across Web2 and Web3 ventures. Certain cryptocurrency protocols, including Linea, mandate users to possess a Gitcoin Passport to avail of roles, accrue quest points, and other forms of incentives.
How to acquire the Gitcoin Passport?
To secure a Gitcoin Passport, you need to connect to the website using your Metamask wallet. At present, the project extends support to the Ethereum, Polygon, and Fantom blockchains.
Gitcoin Passport acquisition page. Source: passport.gitcoin.co
Upon executing all requisite procedures, users will be provided with a list of tasks to undertake for bolstering their overall rating. For optimal outcomes, it's advisable to amass at least 15 points. Let's explore how to earn these points on your account.
Activity List for Accumulating Points in Gitcoin Passport. Source: passport.gitcoin.co
Free Activities
Given that some tasks for gathering points necessitate financial commitment, we'll initially consider cost-free options. This entails syncing with social networking platforms such as:
- Discord,
- Twitter,
- Gmail,
- Facebook,
- LinkedIn.
Each task carries a value ranging between 1.3-1.8 points, thereby enabling you to garner up to 9 points in total.
Activities involving expenditure
Holding and staking the project's native token, GTC, grants additional points to your account:
- Self Staking Bronze (minimum of 5 GTC, presently equivalent to $6): +2.8 points;
- Community GTC Staking Bronze (5 GTC): +2.25 points;
- An account balance of 10 GTC earns you a special stamp worth +2 points.
You can acquire the GTC token on decentralized exchanges like Uniswap or on centralized platforms such as KuCoin, Mexc, Kraken, Binance, among other exchanges listed on CoinGecko. Inclusive of commissions, acquiring 15 points would cost the user approximately $20-30.
Simultaneously, engaging in other types of transactions can elevate the overall rating of your profile. Here are some activities and the estimated points you can earn from them:
- Transacting on the zkSync Era and Lite networks: +1.67 points;
- Acquiring an ENS domain valued at $16: +2.4 points;
- Ownership of any Ethereum network NFT: +1.67 points;
- Casting votes on the Snapshot platform employing STG tokens: +1.77 points;
- A transaction on the Ethereum network conducted more than 30 days ago: +1.6 points.
Participation in Gitcoin's project support campaigns is also an option. Here, users offer donations to selected startups and earn points in exchange for their contributions. As these campaigns undergo relaunches periodically, it's crucial to verify their current status during the time of participation.
Final Words
Rather than storing personal data, the Gitcoin Passport draws this information from various registries. At the moment, holding this document already proffers benefits when it comes to obtaining NFTs or roles in the social networks of certain projects. Looking ahead, the Gitcoin Passport may very well serve as a deciding factor in receiving allocations in token sales or retroactive airdrops.
