Decrypting PGN: What is so special about the new public chain favored by Gitcoin?

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Biteye
6 months ago
This article is approximately 885 words,and reading the entire article takes about 2 minutes
With interactive tutorial

Original author: Biteye core contributor Lucky

Original editor: Biteye core contributor Crush

On July 7, Gitcoin issued an article introducing the Layer 2 network Public Goods Network (PGN) developed based on OP Stack. At the same time, on August 18, Gitcoin officially announced its 18th round of support for PGN network donations.

What is it that makes this L2 so attractive to Gitcoin? This article will start from the following aspects and analyze PGN for you:

  • What is Public Good

  • Public Goods Network Background and Problems Addressed

  • Public Goods Network Highlights

  • Will Public Goods Network Airdrop?

  • How to interact with Public Goods Network

What is Public Good

Public Good is public goods, and Toby Shorin, the founder of the widely used Other Internet, put forward the definition as follows:

Anything that is neither excludable nor competitive, that is, people cannot be prohibited from using it and one persons use does not degrade another persons use.

It has four characteristics: unlimited membership and participation, open API, transparent resource and power distribution. In the traditional world, such as parks, power grids, libraries, etc. can be called Public Good;

In the context of blockchain, Public Good projects usually refer to open source software, open infrastructure, open standards, projects that benefit the public, etc.

Public Goods Network Background and Problems Addressed

PGN (Public Good Network) is a two-layer application chain based on OP Stack created by multiple organizations led by Gitcoin.

Since 2017, Gitcoin has been building tools that enable communities and projects to receive funding and development assistance, and has funded numerous high-quality crypto projects through 18 donation rounds, deploying over $50MM in public funding. product item.

PGN is currently incubated and developed by Gitcoin, and is supported by Protocol Guild, Public Nouns, Clr.fund, Giveth, Hypercerts, Protocol Labs, Octant, Eco, Hedgey and other groups.

Currently, the mainstream way to raise funds for public goods in the blockchain is through Gitcoin donation. However, this donation relies mostly on the enthusiasm of the community and cannot be a stable source of funds. Therefore, Gitocin launched this experiment for funding public goods. The goal is to explore a new funding mechanism to provide a sustainable source of funding for public goods (Public good) beyond Ethereum and beyond.

Public Goods Network Highlights

1. PGN inherits the architecture of OP Stack. Every transaction in the network will generate sequencer fees. PGN will charge the vast majority of sequencer fees generated by users’ transactions on the network to fund public goods and public goods projects.

This means that anyone using the network is supporting the development of public goods.

(Note: The sorter is the mechanism by which L2 collects transactions and publishes them back to the Ethereum base chain. Its income is equal to the Gas obtained minus the cost to L1.)

2. Six months after the mainnet goes online, PGN will decide on the plan to allocate its sequencer fees to Public Good based on data to achieve growth and fund public product goals. The specific governance details of PGN are still under study.

3. After the passage of EIP-6969 in the future, PGN will also enable Contract Guaranteed Revenue (CSR) to meet developers needs for sustainable revenue sources.

Contract Guarantee Revenue allows smart contract developers to claim a percentage of all transaction fees paid by users when they interact with the smart contract.

This means that the more dApps built on PGN, the more users participating in these dApps, and the more revenue generated for developers and public products deploying these dApps.

PGN currently plans to deploy CSR after October 2023.

Will Public Goods Network Airdrop?

This issue is uncertain. Currently, PGN says it will explore how to better govern PGN in 2024. Both non-tokenization and tokenization are possible.

At present, there are not many newly issued tokens for L2 developed based on OP Stack, but as an L2 with a very special purpose and a vision that is very consistent with the values ​​of the blockchain, it may be possible to try low-cost interaction.

How to interact with Public Goods Network

1) Cross-chain:

Add network first👇🏻

  • Network name: PGN

  • RPC:https://rpc.publicgoods.network

  • Chain ID: 424 

  • Currency: ETH

  • Browser URL:

    https://explorer.publicgoods.network/

Then open the PGN official bridging website:

https://bridge.publicgoods.network/

Enter the amount, wait for 5-10 minutes after confirming the transaction, but it should be noted that it takes 7 days for the challenge period to come back.

Decrypting PGN: What is so special about the new public chain favored by Gitcoin?

2) Participate in Gitcoin 18 rounds of donations:

This Gitcoin Grants 18 supports two chain donations: Optimism and PGN;

For projects in the Ethereum infrastructure category, users can only donate through the PGN network👇🏻

Donate official website:

https://grants.gitcoin.co/

For those who need to know more about donation projects, you can check out Biteye’s donation project board:

https://chaineye.tools/gr18

As well as the Gitcoin 18-round Donation Guide and Overview of High-Quality Projects released by Biteye

3) Participate in Zora PGN to commemorate NFTmint, the minting cost is about 0.004 e:

https://zora.co/collect/pgn:0xadfabd2a6ee264d01c534c320e5b4b06ba19fc4f/1/mint

Summarize

According to data released by PGN, less than a week after its testnet went online on July 6, deposit/withdrawal transactions have exceeded 100,000. It is believed that after the 18th round of donations from Gitcoin Grants, the number of interactors on its mainnet will also reach 100,000. a new high.

As an exploratory project with a good vision and a reasonable mechanism, the new L2 has to be said that this type of project is more refreshing among the various current homogeneous public chains. However, the development of this public chain is currently very early. You can Long-term focus on timely interaction, without Fomo.

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