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Harmony Organizes $1M Hackathon To Bridge DeFi and Traditional Finance

According to the information available, Harmony Hackathon will last for six weeks. The Hackathon will commence on August 15, 2021, and ends on September 30, 2021.

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There will be three categories, and each one will have four challenges for the experts to complete.

🚀 1/ We are happy to announce the Bridging #TradFi to #DeFi #hackathon where Harmony, along with prize partners, will be giving up to $1,000,000 in prize money and non-dilutive seed funding. Why are we doing this?https://t.co/qeq6U9M0LV

— Harmony (@harmonyprotocol) July 15, 2021

Presently, the organizers, Harmony blockchain, have disclosed that the registration for the event will start in August. Also, there are more than one million dollars available in seed funds and participant prizes. The company made the announcement on Thursday through Twitter.

According to the announcement, the hackathon aims to achieve cooperation between traditional finance and decentralized finance.

Furthermore, the team aims at bringing more people from the traditional finance sector to tackle the challenges affecting both their industry and the DeFi sector.

A Brief On Upcoming Hackathon

According to what Harmony revealed, the Hackathon will come in three categories. These categories will have four challenges, including cross-chain & trustless bridges, cross-border with fintech integration, social wallets & keyless security.

Harmony also made some statements on Twitter saying that blockchain finance is where there’s product-market fit. However, many people who created decentralized finance are not of traditional finance.

Therefore, Harmony aims at bringing more traditional finance experts to add their knowledge to decentralized finance.

Harmony also mentioned that traditional finance experts have many things to teach them in DeFi. Likewise, DeFi practitioners can also help them understand the sector more and learn how to utilize it. So, it will be a mutually beneficial event for both TradiFi and Defi.

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Concerning the event, Harmony disclosed some people who will speak in the event or serve as judges for the participants.

According to the blockchain, these people include, Omakase, the core developer of SushiSwap, Lily Liu, the co-founder of Earn.com, the lead for DeFi Alliance Imran Khan, and other prominent people in the industry.

Also, the event sponsors include Messari, SushiSwap, CoinGeckom, Unstoppable Domains, DoraHacks, DappRadar, Hummingbot, and The Defiant, a news platform.

A Brief on Harmony

Harmony is a Sharding protocol that uses a “Trustless Ethereum Bridge” to separate its blockchain into different segments. These segments are responsible for the processing and storage of data in parallel.

The mainnet launched in 2019, and since then, the company has partnered with many others to push its operations further. Also, Harmony has completed many integrations since then as well. For instance, it added Terra to its blockchain to use the token on the apps in the ecosystem.

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The blockchain disclosed that it would sponsor the Hackathon in June. According to the blockchain, it aims to reach 10 billion users, which is a way to achieve it.

The registration will end on August 15, and teams can only be 5 people. Once they reached the submission deadline, the event will kick-off.

Featured image from Pixabay

   

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