The Public Goods Network, the Layer-2 blockchain, launched its testnet on July 7, promising “net sequencer fees” for public goods rather than paying developers or token holders. As announced by network developers in economics “Public Goods” are goods that cannot be produced for profit. Because it is difficult to exclude non-payers from consumption.
Introducing: Public Goods Network— a community-led L2 ecosystem for public goods maxis.
It’s time to explore durable mechanisms to generate abundant and legitimate funding for public goods. @pgn_eth is a new a digital schelling point for public goods supporters.
pic.twitter.com/0JO8cpCZ0U
— Public Goods Network |
(@pgn_eth) July 6, 2023
This new networkdevelopedBy the same team that created Gitcoin, a project that attempts to raise funds for open source projects, the Public Goods Network is built using the OP Stack, which means it can be part of a “superchain” that will include Optimism and the Base network.
Ok Devs,
Overjoyed to announce @pgn_etha community-led L2 focused on sustainable funding for public goods
Check this out if you’re building anything related to public goods, because I have testnet Eth for you
— zakk.eth (is on a quest
) (@0xZak) July 6, 2023
Public Goods Network Project willIt is an optimistic layer-2 rollup where this type of network typically uses a centralized sequencer to batch transactions and send them to Ethereum at regular intervals.
The Gitcoin team said that their new network will invest a “majority” of this profit in public goods projects. This is necessary to prevent joint ventures and other companies from
“Rather than filling in the gaps for other organizations that might otherwise be taken over by VCs, we believe we should fill in the gaps of our own so we can reallocate those funds to expand the Alliance’s objectives of growing and providing public good.”
Gitcoin claims that the sequencer fees will not go directly to them, but will go to established “alliances” accordingly. The team said the network’s long-term goal is to allow projects to be funded directly by the sequencer fees, without intermediaries. using the EIP standard – 6969
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