IOSG Ventures x Chainlink Hackathon
IOSG Ventures and Chainlink launched a layer 2 hackathon with over $80k in prizes is up for grabs, July 1st – August 1st, 2021.
Scaling is a Blue Ocean waiting for the developers to explore and find the New World. Scaling blockchains and specifically Ethereum has been a challenge. Every scaling approach has its own trade-offs regarding the security, decentralization, throughput, and flexibility choices.
As the data space provided by Ethereum is limited, even though rollups increase scalability by compression or other techniques, they are still bounded by the scalability of the layer-1 chain itself. The gas limit of the Ethereum blocks still restricts the throughput increases of the rollups. That’s why there are off-chain data availability solutions like zk-porter and Starkex that provide increased scalability over on-chain data solutions at the cost of lower security guarantees. State channels made a comeback with the on-chain data rollup solutions, as they provide faster withdrawal mechanisms from layer-2 to layer-1. Projects like Celer, Connext, and Hop are working on increasing the communication between L1/L2 and L2/L2. These projects increase the capital efficiency when funds are withdrawn from layer-2’s. They are fabulous experiments that are going on currently, but what’s next?
In support of developers to explore more possibilities of Layer2 solutions and open up new paths, IOSG Ventures and Chainlink are going to launch a global hackathon, powered by MatterLabs, The Graph, Aurora, DODO, Polygon, Synthetix, Perpetual Protocol, MCDEX, Celer, NEAR, Hop Protocol, OpenDeFi, dYdX, Gelato, and Loopring（More projects are pending!）on the theme of Layer 2 scaling to find the real “Hacking Voyager”. The hackathon is scheduled to open for registration from TODAY to July 21 and 3 days of hacking & demo in Shanghai from July 30 to August 1.
The winning teams will not only receive bounties from the pool but also have the opportunity to access the IOSG Kickstarter waitlist.
Hackathon Highlights
- $80K Super Bounty
- Technical Mentorship
- Professional Judges
- Resource & Connection
- Market Advice
- IOSG Kickstarter Program
- Chainlink Special Awards
Multi-level Fund Pool — $80,000
A. Public Fund Pool
First, second and third prizes will be selected respectively to give incentives, from product design, technical difficulty, economic model, business value, demo performance, and other aspects of evaluation and scoring. Moreover, applicants have also got the opportunity to receive the Chainlink Special Awards.
B. Ecological Bounty
A number of partners will set up ecological bounty challenges; any team interested in can design and develop innovative solutions for the proposition, and the outstanding teams will receive generous ecological bounty support and comprehensive project assistance from partner organizations.
C. IOSG Kickstarter Bounty
Winning teams will have the prioritized opportunity to enter the candidate queue of the Kickstarter program launched by IOSG Ventures. Teams that pass the audit will be awarded $10,000- $100,000, and those that do not pass will also be provided with all-around support, including but not limited to technology development, product construction, community building, talent introduction, etc.
📅 Event Agenda
NOW — 7.21: Registration & Online workshop
7.22: Challenge announcement
7.22–7.29: Online team up
7.30–8.01: Hacking + Onsite workshop
8.01 — Demo day, Shanghai
How to Apply
Interested individuals or groups from all over the world can briefly fill the application form and outline their project or area of interest via the link below. Projects can be in any space related to Layer2 which diverse teams will work on throughout the hackathon with the goal of addressing real-world blockchain adoption challenges in applying scaling solutions and layer 2 technology. Qualified applicants will receive the confirmation via email. For overseas applicants who are unable to get to Shanghai, they also provide the opportunity of remote participation to do online hacking and live video pitching.
What is Chainlink?
Chainlink’s decentralized oracle network provides reliable, tamper-proof inputs and outputs for complex smart contracts on any blockchain.
What is IOSG Ventures?
IOSG Ventures, founded in 2017, is a community-friendly and research-driven early-stage venture firm across China, the US and Singapore. We focus on open finance, Web 3.0 and infrastructure for decentralized economy.
📰 INFO:
https://medium.com/iosg-ventures/iosg-ventures-and-chainlink-launches-layer-2-hackathon-with-80k-in-prizes-e1ea3414bd8
