Developers compete for $70,000 worth of prizes at Second Bitcoin Hackathon

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Developers compete for $70,000 worth of prizes at Second Bitcoin Hackathon

Coinbase has announced the second edition of its Bitcoin Hackathon wherein it is going to award developers $70,000 worth of prizes. There will be total five winners out of which one will have a chance to win a spot in a BoostVC accelerator class. The company says that it is an effort to incentivize more Bitcoin and Blockchain applications.

Nonetheless, the announcement page from the company says that it is looking for “apps which highlight new use cases for Bitcoin, making Bitcoin easier to use for wider audiences. Your app can be Bitcoin-focused, or it can use Bitcoin technology to power the user experience. The goal is to have a product that is demonstrates a new use case for Bitcoin or simplifies the BTC use.

Elaborating the ‘App Criteria’ the official page of Coinbase says, the hackathon basically looking for creativity, usefulness, and execution. Regarding creativity it says, it is about finding a new use case wherein the developers don’t just create another wallet but an app that makes Bitcoin easy to use, and show off new use cases that aren’t possible with existing payment methods.

Similarly, talking about usefulness, it says that it is about making Bitcoin’s use easy. The judges at Hackathon will be looking for apps that make Bitcoin more approachable for a mainstream audience, how Bitcoin can go viral, or reach 100M new people in the coming years. Bitcoin is still not reaching to the people and a huge majority is still not using them.

Aim is to expand the Reach of Bitcoin

Regarding ‘execution’ the official page from Coinbase says that here the developers will pay attention to details and functionality. The judges will be looking for apps that work well and should be clear that the developers care about providing a good user experience. However, the organizers of Bitcoin hackathon say they are not requiring polish or perfection.

John Yi, a Product Manager at Coinbase says that basic products like consumer wallets and merchant tools are more broadly adopted than ever, but they have only scratched the surface of Bitcoin’s full potential. Apart from members of the Coinbase team, Adam Draper of BoostVC, Chris Dixon of Andreessen Horowitz, Fred Wilson of Union Square Ventures, and Gavin Andresen, the Chief Scientist at the Bitcoin Foundation are going to be the judges at the event.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com