TED Talks Daily How quadratic funding could finance your dreams | Kevin Owocki
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Sep 30, 2024 Kevin Owocki, founder of Gitcoin and a pioneer in funding open-source projects, explores the transformative concept of quadratic funding. He explains how this innovative model allows small donations to unlock substantial support for community initiatives by prioritizing the number of contributors over individual amounts. Kevin discusses its potential to democratize philanthropy, particularly during crises like the COVID-19 pandemic, empowering communities to fund projects that truly matter to them. He also delves into the challenges faced by the crypto movement and the potential for enhancing civic engagement.
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Boulder COVID Relief
- Kevin Owocki helped raise funds for struggling businesses in Boulder, Colorado during the COVID-19 pandemic.
- This wasn't a typical campaign; it used a novel approach called quadratic funding.
Quadratic Funding Explained
- Quadratic funding is a democratic crowdfunding method invented by Glenn Weil, Vitalik Buterin, and Zoe Hitzig.
- It matches contributions based on the number of donors, not just the amount donated.
Seaside Town Example
- A marina project with one large donation and a downtown revitalization project with many small donations both raise $500,000.
- Quadratic funding allocates 99% of the matching funds to the downtown project due to broader support.