TL;DR Tech by Choice is raising money on Gitcoin (🔗contribution link here bit.ly/tbc-gitcoin)! and leveraging Quadratic Funding to make a difference in our community. This article highlights how you can contribute to social good with crypto.
What is quadratic funding?
Quadratic Funding (QF) aims to equalize the playing field between large donors and small donors, so that no matter how much money someone has they can still make an impact. Using cryptoeconomic mechanisms, matching size is tied to community interest and not the dollar amount of individuals or corporations.
How does Quadratic funding matching work?
Once a quarter Gitcoin opens their grant match round to support social good project. Gitcoin is a platform that helps people find open source Web3 projects people can work on. Their commitment to supporting social good is amplified with the QF matching algorithm.
The QF algorithm is a way to match donations exponentially. The concept of exponential growth is based on the idea that the curve of a function grows quickly at first, then slows down as it approaches infinity. Quadratic funding uses an algorithm that matches donations exponentially, so if you give twice as much to a charity than someone else did, your donation will be matched by twice their donation in order to reach 4x their initial contribution.
How does Quadratic Funding Diversity Tech?
Tech by Choice is changing the narrative of tech by making it diverse by default. Tech companies market to diverse consumers but struggle with finding diverse candidates. Tech by Choice is fundraising to launch our TBC Together program to turn more tech consumers into tech creators through our mentorship-focused, stipend-backed, open-sourced program.
Our grassroots community is small and we face the burden caused by the lack of nonprofit funding that goes to Black Nonprofit founders. QF gives the power back to the community and away from the corporations.
This means:
- No matter how much money someone has they can still make an impact
- As a nonprofit, we don't have to compromise our values for corporate funding
- We can continue to be radical and continue to fully show up for our community
How can I contribute?
To give to give to our cause, you'll need the following things:
- Crypto wallet
- Gitcoin account
- Github account
I know this sounds like a lot, but don't worry! Below are two step by step Youtube videos on how to support our social causes you care about.
What Next?
Once you've donated to your first project (🤞🏿🤞🏾🤞🏽🤞🏼🤞🏻🤞 it was the Tech by Choice grant)
Check out other grants and look for collection! One of my favorite collections is Quadratic Frens
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