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Harmony announces $1M hackathon aimed at merging traditional finance and DeFi

The Concord blockchain has opened registration for a hackathon beginning subsequent month with greater than $1 million in seed funding and prizes for individuals.

In a Thursday announcement on Twitter, Concord stated the hackathon could be targeted on bringing in additional folks from conventional finance for challenges bridging their fields and decentralized finance. The protocol stated there could be 4 challenges in every class of social wallets and keyless safety, cross-chain and trustless bridges, and cross-border with fintech integration.

“In blockchain, finance is the place we’re seeing product market match,” stated Concord. “However most of DeFi was created by individuals who did not come from conventional finance. We wish to carry extra TradFi in to contribute to DeFi. We all know they’ve a lot to show us and we might help them perceive and harness the ability of DeFi and train them rather a lot as properly.”

SushiSwap core developer Omakase is listed as one of many featured audio system or judges for the occasion, alongside Earn.com co-founder Lily Liu, DeFi Alliance lead Imran Khan, and others. Sponsors embody CoinGecko, Messari, Unstoppable Domains, DappRadar, SushiSwap, DoraHacks, information platform The Defiant, and Hummingbot.

Associated: Hackathon challenges builders to construct killer blockchain apps utilizing JavaScript

A sharding protocol with a trustless Ethereum bridge that separates its chain into segments that course of transactions and retailer information in parallel, Concord’s mainnet first went stay in 2019. The challenge has since introduced a number of partnerships and integrations, together with with stablecoin platform Terra for its token emigrate to Concord and be used on functions within the ecosystem.

Concord stated final month it might be sponsoring the hackathon in its goal to achieve 10 billion folks. Groups for the occasion will likely be restricted to five folks, with registration closing Aug. 15. It is going to conduct the occasion over roughly six weeks from the submission deadline till Sept. 30.