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Meet The Winners Of The DAPP Network Hackathon

Meet The Winners Of The DAPP Network Hackathon
  • The DAPP Network Hackathon organized by LiquidApps whittled its 44 entrants down to three winning teams
  • All three teams are heavily involved in the EOS ecosystem and are passionate advocates of the blockchain scaling solution

The DAPP Network Hackathon organized by LiquidApps whittled its 44 entrants down to three winning teams, BCS Germany, Blockstart, and Onessus, before crowning the latter as winners. All three teams are heavily involved in the EOS ecosystem and are passionate advocates of the blockchain scaling solution that the DAPP Network provides. Perfect candidates, in other words, for jousting it out for the title of hackathon winner. Along with serious bragging rights came serious prize money too, with a prize pot of $50k shared between the best teams.

The second runner up prize went to BCS Germany for their LiquidGalaxy concept for randomized, nature-like growing galaxies on EOSIO and the DAPP Network. First runner up prize went to Blockstart for their centralized exchange EOS resource lending proposal, while the grand prize was awarded to Onessus for their esports concept.

The first and second placed teams, Onessus and Blockstart, were interviewed following the event, the highlights of which can be found below, together with a summary of their background. Here’s what you should know about the two top-placed finalists: their teams, their tech, and what makes them tick.

Onessus

Despite numbering just three, the winning Onessus team aren’t lacking in ambition or in practical skills. Led by front and backend developer Dante Scott, together with graphic designer Chuck MacDonald and network architect Jon Scott, the trio proposed a refreshingly original use case for the DAPP Network, leveraging it to create a global esports community.

Their plan went something like this: Discord is the world’s largest gaming community, forming a hub where millions of gamers hang out and interact. If there were a way to harness its network effects to drive gamers to a new platform tailor-made for their interests and aptitudes, beautiful things could happen. To achieve this, Onessus proposed using LiquidEscrow, a feature it engineered specifically for the DAPP Network, and which has numerous applications beyond esports. Here’s what they had to say:

What is the problem that you’re trying to solve?

Fundamentally, ecommerce fraud, which is a $60B problem annually. With this specific project, we wanted to solve fraud in the realm of esports. Millions of players daily compete in ‘black-market’ wager matches where funds are handled through PayPal, which results in massive amounts of chargebacks. We think using escrow to power an esports league would solve this, as well as open a new world of opportunity for gamers of all skill levels through tokenomics.

Can you tell us about what you’ve managed to accomplish during the hackathon?

We developed a fully functional prototype, deployed on Kylin, of our submission with three titles and 10 leagues supported. However, since the end of the hackathon we have already thought of a bunch of new features to make the public GEEC launch even more exciting than the version developed for the hackathon. The mainnet version will support hundreds of leagues, and will continue to add them as requested by our community.

We already have a working product; the next steps will be polishing the economic model, integrating a team-building mechanic into the smart contract, and testing to prepare for mainnet launch.

Blockstart

Comprising a quintet of DAPP Network enthusiasts with a penchant for tinkering with dApps and pushing the boundaries of their technical capabilities, Blockstart is led by Raman Bindlish. With a background in backend development and game design, he’s ably qualified for a hackathon of this nature, and ably served by his teammates, whose skills include a mixture of front and backend development.

Blockstart’s proposal for the DAPP Network Hackathon is conceptually simple, albeit trickier to implement: a centralized exchange (CEX) to facilitate EOS resource lending. EOS Resourcer Exchange (REX) is one of the strongest defi use cases to have emerged within the EOS ecosystem, but like so many decentralized finance projects, it’s hamstrung by a lack of liquidity. One of the reasons for this is because more than 50% of all EOS tokens are believed to be locked up in centralized exchanges.

Embodying the old aphorism “if the mountain won't come to Muhammad, then Muhammad must go to the mountain,” Blockstart proposed creating a resource lending platform within the centralized exchange framework. To facilitate this, LiquidAccounts are used to provide “on-chain” accounts for CEX users, giving utility to the EOS locked up on centralized exchanges. Here’s what they had to say:

What is the problem that you’re trying to solve?

We have been seeing significant protocol level limitations in EOS and some discontent in the community with recent CPU unavailability for dApps. Also, we saw that it is almost impossible to bring all token holders to participate in the REX defi solution without bringing centralized exchanges into the mix. The DAPP Network Hackathon was a perfect opportunity to do something and try to find a solution.

Can you tell us about what you’ve managed to accomplish during the hackathon?

We started out with an ambitious goal to resolve some major EOS protocol level issues like limited resources available in REX (less than 10%) and a significant portion of EOS tokens (almost 50% as per some estimates) from exchanges in EOS system defi as well as governance (voting). Using LiquidApps technology, we managed to build a very low overhead and low cost prototype that can be deployed in a real exchange and bring a huge shift in participation of EOS token holders.

What are the next steps? Will you develop an actual product, or it is just a proof-of-concept?

We have developed all the code in open source and it is available for anyone to deploy. We are more than happy to work with any exchange that wants to bring this solution to their users. We are hoping that EOS community will use this as an example and help us take it forward.

A Resounding Success for the First DAPP Network Hackathon

By whatever metric it’s measured, the maiden DAPP Network Hackathon must be chalked up as a firm success. The event attracted no less than 44 teams made up of 234 participants from 40 countries. 20 mentors and five judges provided mentoring and adjudication respectively, resulting in the disbursement of $50,000 in prizes. There are high hopes that the winning and runners-up submissions by Onessus, Blockstart, and BCS Germany will be further developed, leading to their real world implementation.

The DAPP Network Hackathon showed that there’s more than one way to scale a blockchain, remove barriers to mass adoption, and improve user experience. Although focused on the EOS and DAPP Network ecosystem, these are lessons that can be applied to all blockchain projects.

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Ampleforth Launches on TRON and Two Other New Blockchains

Ampleforth Launches on TRON and Two Other New Blockchains

Ampleforth (AMPL), the algorithmically stabilized smart money protocol, is now launching on three new blockchains: TRON, Acala (Polkadot), and NEAR.

According to the announcement, the move is part of Ampleforth’s plans to provide a core monetary asset to users on multiple blockchains, helping to support the rapidly developing decentralized finance (DeFi) ecosystem on these chains. 

What is AMPL?

Simply put, Ampleforth is an alternative to stablecoins as a blockchain-based store of value and stabilized unit of purchasing power. Unlike these assets which are usually backed by fiat currencies such as the US dollar (USD) or euro (EUR) to maintain a stable value, the value of AMPL is instead entirely set by supply and demand.

This is achieved with a novel solution: changing the amount of AMPL in circulation to meet demand. When demand for AMPL increases, so too does the supply, when demand decreases, so too does the supply — this process is known as a rebase. This essentially means the amount of AMPL a user holds in their wallet expands or contracts based on changes in the total supply. 

To put this into perspective, if you were holding 1,000 AMPL one day, the next day you might be holding 1,100 AMPL if there is a 10% positive rebase. Likewise, you could be holding 900 AMPL if there is a 10% negative rebase. This process is non-dilutive, which essentially means you will always maintain the same proportion of the entire supply. If you owned 1% of all AMPL before a rebase, you will still own 1% of all AMPL after. 

The system is designed to provide a new type of “base money” that is uncorrelated with traditional markets, including fiat and cryptocurrency markets — instead, having its value and circulating supply set based on the demands of its users. This represents a new building block for DeFi, since AMPL can be used as an uncorrelated asset, debt instrument, collateral, and much more without any ties that go back to fiat money. 

Why TRON?

Although the Ampleforth protocol was launched on three new blockchains: Acala, NEAR, and TRON, the latter of these is arguably the most prominent. 

 

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In the second half of 2020, TRON has massively expanded its DeFi ecosystem and is now the second most popular blockchain for DeFi applications after Ethereum. Unlike Acala and NEAR, which are still somewhat in their nascent stages of ecosystem development, TRON already has many of the most important DeFi building blocks in place. 

It already has a TRC20 decentralized automatic market maker protocol (AMM) in JustSwap, liquidity mining platforms like SUN and DMDT, and its own DeFi lending and borrowing protocol with Zethyr Finance. As a result, it is most poised to benefit from the uncorrelated adaptive money. 

“Tron’s ecosystem is obsessed with cutting-edge DeFi assets and capabilities, which is why everyone is so excited about AMPL,” said Justin Sun, founder of TRON, CEO of BitTorrent in the announcement. “We expect deep liquidity pools to form early on in order to support widespread use for trading and collateral as soon as possible.”

 

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Brad Garlinghouse notes now much of an impact Fiat inflation has had on the world of crypto in 2020

Brad Garlinghouse notes now much of an impact Fiat inflation has had on the world of crypto in 2020

Quick take

1 minute read

  • Many people have predicted that in 2021, the world of cryptocurrency will spike to highs not seen before.
  • Brad Garlinghouse has recently said that next year will see a plethora of adoption when it comes to the growth of digital assets and the overall industry as people look to diversify their portfolios.

Many people have predicted that in 2021, the world of cryptocurrency will spike to highs not seen before.

To that end, the chief executive officer of the San Francisco-based blockchain company Ripple, Brad Garlinghouse has recently said that next year will see a plethora of new adoption when it comes to the growth of digital assets and the overall industry as people look to diversify their portfolios.

He said:

“Looking forward to 2021 as more companies hold crypto on their balance sheets (diversification is key here).”

Brad made his comments during an interview with Julia Chatterley of CNN earlier this week as he went on to say that this year has been particularly exciting for the industry. Numerous gains have been experienced over the course of 2020 and it doesn’t seem that it is slowing down.

As many of us are well aware, coronavirus has been a big part as to why digital payments have become more popular. Many people are using digital currencies as a form of payment, investment and as a store of value. Big institutional investors such as PayPal is one company that has been getting further involvement within the industry.

On this topic, the CEO noted that numerous governments from all over the world have played a big part in boosting the performance and adoption of several cryptos over the course of this year.

“Many governments around the world are printing more fiat currencies. Here in the United States, you see trillions of dollars in stimulus and that means we’re inflating the US dollar.”

Over the course of 2020, the world of cryptocurrency has grown massively with many people predicting that this growth is only going to increase in the coming year. The CEO went on to discuss the long-term value of my crypto assets. He specifically mentioned the store of value and the utility as he highlighted:

“The long-term value of any digital asset is going to be derived from its utility.  One utility is a store of value and you’re seeing that across Bitcoin and other cryptocurrencies that don’t have an inflationary dynamic.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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FinHub arm of The SEC set to become an independent office

FinHub arm of The SEC set to become an independent office

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1 minute read

  • In an announcement, the securities and exchange commission and their financial technology team will soon become an independent office. 
  • Launched two years ago, the strategic hub for innovation and financial technology from the SEC has been the forefront of securities regulation.

In an announcement that was revealed earlier this week on the 3rd of December, the United States securities and exchange commission and their financial technology team will soon become an independent office. Launched two years ago in 2018, the strategic hub for innovation and financial technology (otherwise known as FinHub) from the SEC has been the forefront of securities regulation.

This sidearm for the SEC has been clearly quite busy the past few years as it goes after numerous initial coin offerings and other related things to the crypto industry.

Valerie Szczepanik, the leader of the hub for innovation will now be reporting directly to the chairman of the commission. For now, that is Jay Clayton who is set to stand down from his position next year but speaking on the matter, he said:

"The SEC is committed to innovation in our markets, consistent with our time-tested regulatory framework. Our action to establish FinHub as standalone office furthers our commitment to facilitate the introduction of new technologies for the benefit of investors and the efficiency and resiliency of our markets. The agency is fortunate to benefit from Val's expertise and deep knowledge in the areas of innovation, financial technology and investor protection, and I’m pleased she will continue to lead FinHub as its first director."

Director of the Division of Corporation Finance, Bill Hinman said:

"Not surprisingly, FinHub has thrived under Valerie's leadership. This move to enhance FinHub's role in leading and coordinating policy across all SEC Divisions and Offices will benefit market innovators and strengthen investor protection."

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Willy Woo: $200,000 for BTC next year is “Conservative“

Willy Woo: $200,000 for BTC next year is “Conservative“

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  • Well-known analyst and crypto commentator, Willy Woo has recently given some bullish predictions on the leading crypto coin.
  • Many people are very excited as bitcoin hitting $300,000 by the end of next year is “not out of the question“.

Well-known analyst and crypto commentator, Willy Woo has recently given some bullish predictions on the leading crypto coin.

Many people are very excited for the leading cryptocurrency to reach $20,000 before the end of this year but that could be seen as just a dent in the grand scheme of things as bitcoin hitting $300,000 by the end of next year is “not out of the question“ according to the expert.

Over the course of 2020, bitcoin has been appreciating in value by more than 175%. In March, the coin was priced somewhere in the $3000 range but now, we are looking at $18,000/$19,000 at the least.

But the analyst believes that it still has more room for further gains for the coin. 

The price point of $200,000 is seen as “Conservative“ to the analyst.

The analyst has been well known to be bullish over the past few weeks. He has even predicted that XRP, the token from the San Francisco company ripple, will have an exciting year despite having a lacklustre one in 2020.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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