Ethereum-Based Gitcoin Platform to Fund Coronavirus Research

Ethereum-Based Gitcoin Platform to Fund Coronavirus Research

Gitcoin, a crowdfunding platform based on Ethereum, is one of the crypto firms that seek to donate or raise funds for the sake of combating coronavirus.

The platform has pledged nearly $50,000 in grants for the initiatives of fighting the epidemic.

On 14 March, Gitcoin tweeted that it has already $50,000 in its fifth round of grants which are designated for the public health initiatives. However, it targets $100,000 minimum to finance multiple efforts.

Gitcoin aims to raise $100TH for public health projects

The project has invited the public to submit health- related proposals to Gitcoin, stating that applications would be reviewed “case-by-case” alongside partner organizations.

Funding for Gitcoin’s fifth round of grants would start 23 March, especially after having been postponed for one week from 16 March due to intense market uncertainty last week.

However, since the crypto market crash, several systems underpinning the Gitcoin network still face difficulties, especially as Ethereum is already facing high transaction costs. In addition, MakerDAO, which is behind Dai stablecoin, is expected to hold the first ever debt sale soon.

Digital currency projects rise behind ‘Folding at Home’

Earlier, decentralized blockchain-based network Golem has invited people to transfer their spare computational resources to ‘Folding at Home’; an initiative that brings together the excess computation power toward research into Covid-19, including potential medications and treatments.

Meanwhile, blockchain-based XTZ platform has been promoting the ‘Folding at Home’ by organizing a multi-award winning prize pool of several hundred XTZ. They will give the funds to the top performing participant as of 30 March.

Italian Red Cross launches donation campaign

The Italian Red Cross and the Colli Albani Committee are raising donations in form of Bitcoin and other cryptocurrencies with the help of Helperbit to combat coronavirus in the country.

The proceeds will be used to create a second-level advanced medical post for pre-triage of COVID-19 cases. The move targets €10,000 to buy the requisite medical equipment for the infrastructure.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.