Decrypt the concept public chain PGN of "sequencer" supported by Gitcoin

Original author: Biteye core contributor Lucky

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

1. 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 exclusive nor rival, that is, one cannot be prohibited from using it, and one’s use does not degrade another’s 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.

2. Public Goods Network Background and Problems Solved

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, has funded numerous high-quality crypto projects through 18 donation rounds, and deployed over $50MM to public 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.

At present, the mainstream method of raising funds for public goods in the blockchain is through Gitcoin donations. However, this donation depends on the enthusiasm of the community and cannot become a stable source of funds. Therefore, Gitocin launched this experiment for public goods funding Project, whose goal is to explore a new funding mechanism to provide a sustainable source of funding for public goods (Public goods) in Ethereum and beyond.

3. Highlights of Public Goods Network

1. PGN inherits the architecture of OP Stack. Every transaction in the network will generate a sorter fee. PGN will charge most of the sorter fees generated by users in transactions on the network to fund public products and public product 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 live, PGN will decide on the plan to allocate its sorter fees to Public Good based on the data, so as to achieve growth and fund public goods 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 who participate in these dApps, and the more revenue is generated for the developers and public goods that deploy these dApps.

PGN currently plans to deploy CSR after October 2023.

4. Will the 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 in 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 interactions.

5. How to interact with Public Goods Network

1) Cross-chain

add network first

Network name: PGN

RPC：

Chain ID： 424

Currency: ETH

Browser URL:

Then open the PGN official bridging website:

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.

2) Participate in Gitcoin 18 rounds of donations

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

Among them, project users of the Ethereum infrastructure category can only donate through the PGN network

Donate official website:

For those who need to know about donation projects, you can see the Biteye donation project board:

And “Gitcoin 18 Rounds of Donation Guide and Overview of High-quality Projects” released by Biteye

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

Summarize

According to the data released by PGN, less than a week after its testnet was launched on July 6, the number of deposit/withdrawal transactions has exceeded 100,000. a new high.

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