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To facilitate development of its next generation layer of data and interoperability, Essentia has launched a global hackathon. The initiative will drive development of the Essentia ecosystem and unearth new use cases for its protocol and interoperability framework. Essentia will be pledging $1,000,000 to the hackathon fund.
Essentia Founder and chairman of the Internet of Blockchains Foundation, Matteo Gianpietro Zago, stated: “The $1 million hackathon fund is a tangible demonstration of our commitment to building projects on Essentia’s open source protocol. During the course of an eight-city series of events, we’ll be championing the smartest and most innovative developer teams, and helping them turn their ideas into reality.”
As part of Essentia’s $11million fund , a part will be used to incentivize the development of dApps and other integrations to grow the Essentia ecosystem and add real utility to decentralized technologies — for the benefit of both enterprises and consumers alike. The $1m million pot will be distributed in prizes over the course of eight events located in different cities across the world, the first of which has been pencilled in for late July.
The first Essentia Hackathon event to be held in Kiev this summer will see a total of $100,000 awarded from the $1 million fund to the teams who submit the best proposals. Prizes will be distributed as follows:
- $50,000 for First
- $30,000 for Second
- $15,000 for Third
- $15,000 Merit Award shared between 10 teams
Essentia will be looking for projects that exhibit real innovation, but that are also demonstrably practical and achievable. The judges will score projects on a range of characteristics, including their ease of implementation and ability to solve real world problems. A panel of judges, including Essentia project leaders and experts from the blockchain space, together with community representatives, will cast their vote for the best projects on display. All prizes will be awarded in ESS, the native Essentia token.
Who can participate
Essentia is seeking developers who are interested and passionate about what its open source protocol can do for the blockchain ecosystem. Age and experience is no barrier to entry. Entrants who are new to coding but are interested in joining are encouraged to contact Essentia for more information on how they can participate.
At the event, Essentia will be looking for particular projects which utilize the following:
- ESS Multichain DEX
- Blockchain based solution for automations between assets, devices, centralized and decentralize resources
- Blockchain-based self-sovereign identity system KYC
- Blockchain-based supply chain solutions
- Blockchain-based GDPR compliance plugins for ICOs
Essentia invites participants to start preparing their applications for the inaugural Essentia hackathon now. Please visit hackathon.essentia.one or subscribe to the Essentia newsletter for further announcements in the coming days.