Technology has advanced at a fast pace over the last few decades, giving artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) a chance to realize their true potential. Among these, DLT has also grabbed a top spot and offers tremendous value to global structures, especially in finance. As the world becomes more receptive to the idea of digital currencies for everyday life, DLT might witness growth unparalleled to any other technology of its time.
Blockchain first became known to the world in 2009 and has only seen increasing popularity and adoption from thereon. It has shown the possibility of having transparent, trustless networks for employing money without the need for a third party. The digital currency market has surpassed the $2 trillion market capitalization mark, where decentralized finance (DeFi) platforms and NFTs contribute heavily. Famous fintech institutions have set foot in this market, making blockchain and cryptocurrency mass adoption a nearing reality.
When the Internet arrived, the world rolled into a new phase with Big Tech changing the way people live, interact, and consume information. Blockchain is the new stage in this technological development offering the Internet of Value (IoV) to decentralize online systems and make them more accessible. The work of building new money through DLT is already underway, and soon, transactions will be as simple as sending texts.
Building a world run by blockchain applications requires technical brilliance and cannot move forward without the developer community. They integrate consensus algorithms and build DeFi applications to offer distributed networks to unrelated users. Fintech is gradually welcoming DLT applications, but the space needs proactive developer participation to fulfill their growing demands.
What is DecentralHacks 2021?
Octaloop is conducting yet another blockchain event, DecentralHacks 2021 and The Road to Metamorphosis 3.0, from September 13 to October 1. It is a 2-in-1 event with a summit and a hackathon. The summit will be held in the first two days and include free mentor sessions, blockchain tutorials, and discussions with industry leaders. The hackathon will be held in three phases, ‘conceptualize’, ‘collaborate’, and ‘create’, which will reward its winners with thousands of dollars from the prize pool of over $5,000. A part of this pool is also allocated to bug bounties.
After launching their first event in 2013, Octaloop has never looked back and continued to organize informal meetups, educational talks, and fireside chats with industry leaders. Through their efforts in bringing the cryptocurrency community together, the company hopes to drive value and awareness around blockchain.
DecentralHacks is sponsored and supported by renowned industry leaders like the global derivatives exchange platform Phemex, and DeFi aggregator 1inch. It invites developers of all skill levels, from beginner to advanced, to join the hackathon and learn with a chance to earn rewards that stretch to thousands of dollars.
Whether it’s a casual cryptocurrency follower or a committed developer, DecentralHacks has something for everybody. The hackathon is for developers who want to collaborate and create innovative projects in teams and compete for prizes. The summit is for the broader blockchain community, comprising audiences from finance, tech, crypto, or anybody interested in emerging tech. The sub-events will be crucial for the participants, as one would provide them with the necessary knowledge of blockchain, and the other would test their technical and creative skills in a competitive, collaborative atmosphere.
Some of the most influential names in the industry would be conducting speaker sessions for the community. Octaloop Founder Anupam Varshney, 1inch Co-Founder Anton Bukov, Phemex CEO Jack Tao, and CoinTelegraph Editor-in-Chief Kristina Lucrezia Cornèr are a few names among them. Attendees will have the chance to interact, ask questions, and hold discussions with the speakers to spark new ideas or understand the existing ones.
At the hackathon, the developers will be given the required tools to work on their projects, making it easier to work with blockchain and create applications. Octaloop hopes to accomplish the goal of bringing DLT closer to developers who’d be at the center of blockchain development for many years to come.
What Are the Three Phases of DecentralHacks?
As mentioned above, the hackathon will take place in three phases – ‘conceptualize’, ‘collaborate’, and ‘create’.
The Conceptualize phase will give developers the time to learn about blockchain basics and get acquainted with developer tools for building decentralized applications. At this stage, they can also access blockchain tutorials and comprehensive sessions with mentors.
The Collaboration phase will allow participants to get together and concretize their ideas with the help of expert feedback.
Finally, the Create phase will be the most intense, where thousands of developers will work hard on designing unique blockchain projects and compete to win from the $5,000+ prize pool.
Less than 1% of the 18 million developers worldwide have a working knowledge of blockchain. This may portray DLT as an intimidating skill to acquire, but it’s also an opportunity for new and experienced developers to establish themselves as pros in a niche industry. Developers are the driving force of blockchain’s further development, and their participation in the space remains vital to DLT’s journey to the masses.
In an ever-expanding industry such as blockchain, every interaction, event, and experience contributes to the narrative of its evolutionary tale. DecentralHacks is one such experience that no cryptocurrency or tech enthusiast would want to miss.
Octaloop hopes to help meet the collective goal of decentralizing the world through distributed efforts. With this vision, they hold value-packed get-togethers, educational events, and hackathons such as DecentralHacks to bring the blockchain community together and drive more awareness about the technology.