Harmony Organizes $1M Hackathon To Bridge DeFi and Traditional Finance
July 23 2021 - 02:23PM
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According to the information available, Harmony Hackathon will last
for six weeks. The Hackathon will commence on August 15, 2021, and
ends on September 30, 2021. Related Reading | Ether EFT Gets
Approval From Brazilian Securities Regulator There will be three
categories, and each one will have four challenges for the experts
to complete. 🚀 1/ We are happy to announce the Bridging #TradFi to
#DeFi #hackathon where Harmony, along with prize partners, will be
giving up to $1,000,000 in prize money and non-dilutive seed
funding. Why are we doing this?https://t.co/qeq6U9M0LV — Harmony
(@harmonyprotocol) July 15, 2021 Presently, the organizers, Harmony
blockchain, have disclosed that the registration for the event will
start in August. Also, there are more than one million dollars
available in seed funds and participant prizes. The company made
the announcement on Thursday through Twitter. According to the
announcement, the hackathon aims to achieve cooperation between
traditional finance and decentralized finance. Furthermore, the
team aims at bringing more people from the traditional finance
sector to tackle the challenges affecting both their industry and
the DeFi sector. A Brief On Upcoming Hackathon According to what
Harmony revealed, the Hackathon will come in three categories.
These categories will have four challenges, including cross-chain
& trustless bridges, cross-border with fintech integration,
social wallets & keyless security. Harmony also made some
statements on Twitter saying that blockchain finance is where
there’s product-market fit. However, many people who created
decentralized finance are not of traditional finance. Therefore,
Harmony aims at bringing more traditional finance experts to add
their knowledge to decentralized finance. Harmony also mentioned
that traditional finance experts have many things to teach them in
DeFi. Likewise, DeFi practitioners can also help them understand
the sector more and learn how to utilize it. So, it will be a
mutually beneficial event for both TradiFi and Defi. Related
Reading | Nifty’s Inc. Partners With Warner Bros To Roll Out A
Social NFT Platform Concerning the event, Harmony disclosed some
people who will speak in the event or serve as judges for the
participants. According to the blockchain, these people include,
Omakase, the core developer of SushiSwap, Lily Liu, the co-founder
of Earn.com, the lead for DeFi Alliance Imran Khan, and other
prominent people in the industry. Also, the event sponsors include
Messari, SushiSwap, CoinGeckom, Unstoppable Domains, DoraHacks,
DappRadar, Hummingbot, and The Defiant, a news platform. A Brief on
Harmony Harmony is a Sharding protocol that uses a “Trustless
Ethereum Bridge” to separate its blockchain into different
segments. These segments are responsible for the processing and
storage of data in parallel. The mainnet launched in 2019, and
since then, the company has partnered with many others to push its
operations further. Also, Harmony has completed many integrations
since then as well. For instance, it added Terra to its blockchain
to use the token on the apps in the ecosystem. Related Reading
| Binance CEO Changpeng Zhao States, “Compliance Is A
Journey.” The blockchain disclosed that it would sponsor the
Hackathon in June. According to the blockchain, it aims to reach 10
billion users, which is a way to achieve it. The registration will
end on August 15, and teams can only be 5 people. Once they reached
the submission deadline, the event will kick-off. Featured image
from Pixabay
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