Layer-2 blockchain Public Items Community launched a testnet on July 7, promising to spend “the overwhelming majority of web sequencer charges” on public items as a substitute of paying them out to the event staff or tokenholders, in keeping with an announcement from the community’s builders. In economics, a “public good” is an efficient that can not be produced for revenue as a result of it’s troublesome to exclude non-payers from its consumption.
The brand new community was developed by the identical staff that created Gitcoin, a undertaking that seeks to boost funds for open-source initiatives. Public Items Community is being constructed utilizing the OP Stack, that means that it could develop into a part of the proposed “Superchain” that will include Optimism and Base networks.
Overjoyed to announce @pgn_eth, a community-led L2 centered on sustainable funding for public items
Test this out if you happen to’re constructing something associated to public items, as a result of I’ve testnet Eth for you
— zakk.eth (is on a quest ) (@0xZakk) July 6, 2023
According to the undertaking’s paperwork, Public Items Community shall be an Optimistic layer-2 rollup of Ethereum. Such a community usually makes use of a profit-making centralized sequencer to batch transactions and periodically submit them to Ethereum.
The Gitcoin staff says their new community will reinvest “the overwhelming majority” of this revenue into public items initiatives. Of their view, that is needed to stop enterprise capital companies and others who’re motivated by “lease searching for” from capturing the worth supplied by layer 2s:
“Slightly than fill blockspace for different organizations who could also be captured by VCs, or different lease searching for motivations, we imagine we must always fill our personal blockspace such that we are able to reallocate these funds to additional the Alliance’s goal of rising and funding public items.”
Gitcoin claims that the sequencer charges is not going to go on to them. As an alternative, it is going to go to an “alliance” being shaped primarily based on a “newly outlined governance mannequin.” In a Twitter thread accompanying the announcement, the staff mentioned the community’s long-term purpose is to permit initiatives to be funded immediately by sequencer charges, and not using a intermediary, using the EIP-6969 customary.
The present Public Items community is linked to the Ethereum Sepolia community by an official bridge, permitting builders to check out apps utilizing funds from Sepolia’s numerous taps.
Gitcoin initially rose to prominence by using quadratic funding to offer grants for open-source initiatives and different public items. Gitcoin’s head of influence, Azeem Khan, joined the advisory board for crypto fund Foresight Ventures in June.