Venom Foundation and DoraHacks Unleash Innovation with a $225,000 Blockchain Hackathon

Hackathons: Fueling Innovation, Collaboration, and Talent Development in Tech

Hackathons are the cherry on top of a culture that values innovation and technical progress. They facilitate communication between people with different perspectives, which may lead to innovative solutions and the development of future leaders in the technology sector. Imagine a busy kitchen where both experienced cooks and those just starting out work together to create delicious new meals. It boils down to that, really, during a hackathon. These gatherings serve as a nexus for the exchange of knowledge and the development of novel approaches to vexing issues.

It would be impossible to exaggerate hackathons' significance. BeMyApp found that since 2012, there have been over 200,000 hackathons throughout the world, with participation growing by 20% per year. For what reason are they happening more frequently? One reason is that they provide a great setting for people to meet one another, work together, and exchange information and ideas. It's common knowledge that hackathons spark game-changing ideas. Consider GroupMe, a group chat programme that was purchased by Skype in 2011 for $85 million. The app's original team had just 24 hours to develop their concept at the TechCrunch Disrupt Hackathon in New York. The hackathon was the impetus for what would become GroupMe, a popular messaging app. In addition, hackathons help develop new talent.

The Massachusetts Institute of Technology (MIT) found that hackathons significantly impacted the careers of its participants by providing them with opportunities to network, learn new skills, and grow in their respective fields. Therefore, organisations that are actively seeking new employees and ground-breaking ideas to propel their operations ahead might also profit from attending such events. However, the fact that hackathons may help people feel more connected to one another is perhaps the best thing about them.

Venom Foundation and DoraHacks Unleash Innovation with a $225,000 Blockchain Hackathon

Fresh off the launch of its testnet, Venom Foundation has partnered with DoraHacks, Developer DAO, and Hacken to host an innovative virtual hackathon, boasting a total prize pool of $225,000. Registration for the hackathon opens today, and the event is slated to begin on May 8, 2023.

The hackathon is designed to equip developers with the tools and resources they need to start building on the Venom blockchain.

The testnet, which went live earlier this week, enables developers to test and debug decentralized applications (dApps) and blockchain protocols, while also providing users with a firsthand experience of these dApps. The goal is to foster innovation and community building within the ecosystem, setting the stage for more significant events to follow.

Global hackathon organizer DoraHacks is the primary partner for the event, while Developer DAO and Hacken offer marketing and incentives support. Developers can submit their applications after the opening ceremony, with project submissions due by June 10, 2023. A panel of judges, including industry veterans like Peter Knez, Ex CIO of Blackrock, and David Atkinson, co-founder of Holochain, will evaluate the submissions.

Participants have the opportunity to develop projects based on three tracks: Web3, NFTs and Gaming; DeFi and CBDCs; and Tools and Infrastructure. Over five weeks, developers will be challenged to push the boundaries of what is possible within the decentralized ecosystem.

The hackathon will feature an opening ceremony on May 8, followed by a series of workshops covering essential topics like smart contract creation and connecting a dApp UI to Venom. The event will culminate in an award ceremony on June 17, 2023, where the top three winners from each category will be announced. First-place winners will receive $30,000 each and a free security audit from Hacken, while three teams in each category will be awarded honorary mentions and $3,000 each.

The Venom Foundation operates under the jurisdiction of the Abu Dhabi Global Market (ADGM), making it the world's first compliant blockchain. This compliance enables authorities and enterprises to build, innovate, and scale with confidence. The Venom blockchain has already attracted a portfolio of in-house dApps and protocols developed by various companies. With its dynamic sharding capabilities, low fees, ultra-fast speed, and scalability, Venom has the potential to serve as the primary infrastructure for a global ecosystem of Web3 applications.

To register for the Hackathon, visit the registration link.

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image credits: Alex Kotliarskyi