Ethereum competitor Solana kicks off ‘hackathon’ with $1 million in prizes |
Solana, which claims to be a more scalable version of the popular Ethereum network, is hosting a two-week long blockchain hackathon called “Etherscaling” and is offering $1 million in prizes to help build the next generation of blockchain technology. The Solana team says it has already allocated $1 million in prizes to pay for work. The Solana team is encouraging developers to build projects on the protocol and has even published a code library to help get you started. The team is also offering “bonus prizes” to help incentivize developers to build decentralized applications (DApps) that run on the Solana protocol.
The blockchain community has been buzzing about Solana since the company first announced its plans to develop a blockchain that could process over 500,000 transactions per second (TPS). Solana sees itself as a blockchain for the enterprise – a platform that is capable of handling transactions from decentralized applications (dapps) that require more throughput than existing blockchains can provide.
The Solana Foundation, a non-profit organization dedicated to supporting and developing high-speed blockchain, today announced the launch of a global hackathon focused on Web3, DeFi and NFT solutions.
1/ Announcing Solana’s season hackathon! #solanaszn
Up to $1 million in prizes/seed funding
Anyone with an internet connection can participate
4️⃣ Additional regional tracks
️ Holding 15. From May to 7. June
Registration started today pic.twitter.com/3yeMoW7BLy
– Solana (@solana) April 28, 2021
Solana targetsdevelopment teams worldwide
The hackathon will take place from 15. May is held over three weeks and is open to teams from around the world.
Solana has generated a lot of interest in cryptocurrency circles because of his massive scalability and extremely low fees. An estimated 65,000 transactions per second (tps) can be processed on Solana for a fraction of a penny, compared to Ethereum’s 15 tps and cost of up to $100.
According to the press release, this initiative follows the success of the Solana DeFi hackathon held earlier this year. However, the competition is now targeting a wider audience and has expanded to China, India, Eastern Europe and Brazil. Each track has its own set of supporting projects and juries, as well as stand-alone workshops and events.
It will be very interesting to follow the adaptation of the blockchain ecosystem as it continues to make significant progress. That is why we are organizing the third hackathon, said Anatoly Yakovenko, president of the Solana Foundation, in the statement.
Mr. Yakovenko added that the foundation will support the development of projects worldwide by providing financial and technical assistance to development teams.
Details of the hackathon
The hackathon offers a prize pool of $400,000 and the opportunity to receive up to $1 million in seed money. There will be DeFi, Web3 and NFT tracks. 1st, 2nd and 3rd place winners. First place winners will receive $20,000, $10,000 and $5,000 USDC-SPL prizes, respectively.
Other prizes will be raffled off during the regional tours.
- Eastern Europe, with a $155,000 prize pool, featuring Hacking, Gate.io, Serum, Velas, HAPI and Akash Network.
- A Chinese track with $125,000 in prizes donated by the Solana Foundation, Serum and Raydium.
- India, which will have a prize pool of $50,000, with contributions from the Solana Foundation, Devfolio and CoinDCX.
- In Brazil, the prize pool will be $25,000, supported by BRZ Brazil, Foxbit, Bitpreço, NOX Bitcoin and Alterbank.
The Solana Season Hackathon is a competition where projects are judged by a panel of judges on their technological merits, regardless of legal feasibility, and is open to any use of Solana.
Participants in the hackathon create software solely for evaluation by the judges as part of the competition and not for commercial use or publication as part of the hackathon.
8/ If you are already registered and want to start building, check out the resources below:
– Solana (@solana) April 28, 2021
After the event, all hackathon projects interested in Solana-based development will have the opportunity to apply to venture capitalists, ecosystem funds and investors for seed funding.
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