Why is Web3 Hackathon important?
Introduction
What is a Hackathon?
Hackathon is a term coined by combining the words "hack" and "marathonâ. Hackathons are events in which engineers, designers, and other professionals gather to form teams and share their ideas and opinions on a specific theme. They then develop an application or service within a set period of time and compete against each other for the best results.
Basically, most of them have been held offline in the past, but it is not uncommon for them to be held online, triggered by Corona.
In this Web3 era, we would like to discuss and describe the importance of hackathons.
Compatibility of Web3 projects and hackathons
The people think one of the more important purposes of hackathons in the past has been to create new businesses and new products.
While there is of course value in the various innovations that can be created by bringing together teams of people who have never met before, the need for hackathons has become even more important.
We believe that hackathons in the Web3 era offer the following three key advantages to the project side.
1. Ecosystem Development
2. Community Building
3. Sharing of Skills and Values
Each of these points will be explained.
1.Ecosystem Development
The characteristics of Web3 products are said to require composability, as typified by Dapps and protocols. In other words, the product itself is a component-like specification that can be used for a variety of other things. A common analogy for this concept is that it is important to create new value by combining existing parts like "LEGO bricksâ.
Especially for L1 chains such as Ethereum and Solana, the mechanism by which Dapps created on those infrastructures are developed is important, and the development of Dapps is strongly linked to the development of L1 chains.
In other words, in order for the project side to develop their products, it is essential to have engineers who develop new Dapps and protocols using them.
Hackathons are becoming more and more important in the Web3 era in terms of providing such development opportunities.
2.Building Communities
The second point is "community building." In Web3, projects and communities are inseparable. It is often said that community is an important factor in determining the value of a project, as exemplified by DAO.
Unlike the past Web2 era, it is no exaggeration to say that the key to project development is how to involve stakeholders, including users. The distance between the project and the users has become that much closer.
Most of the methods to build a community are using Discord, Telegram, and Twitter. Hackathons are a great opportunity to generate some output and to build a community.
3.Sharing of Skills and Values
As mentioned in 1., the interactive development of new projects and applications in the ecosystem is a unique and important feature of Web3.
Hackathons allow for the sharing of knowledge and technology within the ecosystem. This is the third point and it inevitably happens in any hackathon.
No matter how disruptive ideas are coming up, it is impossible to realize them without adequate engineering skills. And no matter how qualified an engineer is, without the understanding towards the vision of the entrepreneur, innovation won't happen. Through hackathons, participants of the business side and engineering side can work more closely together, and hence develop a common sense of identity, while sharing knowledge and skills.
That is why we believe that hackathons are more important than it were in the Web2 era because they combine the three above elements essential to the development of the decentralized Web 3 ecosystem.
However, most of the Web3 projects are currently acquiring its human resources through recruitment platform, a conventional Web2 approach.
In order to achieve a more decentralized approach more fit to Web3, we are thinking of a hackathon concept thatreward and evaluate the output of contributors while at the same time increasing their engagement and ultimately function as a venue of recruitment.
Web3 Hackathon Case Study
1.ETH Shanghai HackathonÂ
About
In the early days of Ethereum, Vitalik came to Shanghai to promote his project and received generous support. To recognize this connection, The Ethereum Foundation has named its most important upgrade "ETH Shanghai",which is dedicated to promoting the Ethereum network and attracting developers to the Web3 community. Organized and supported by the Ethereum Foundation, ETH Shanghai represents the final upgrade before the ETH 2.0 merge and aims to make Shanghai one of the innovation hubs for Web3.
Total prize
$140,000+
Sponsor
Mask Network, NEAR, Polygon, Ceramic, CyberConnect, Collab land, Lit Protocol, etcâŠ
2.DAO Global Hackathon
About
The DAO Global Hackathon is a virtual sprint for building governance primitives hosted by leading DAO Infrastructure providers. It addresses the technical limitations of existing DAO tools (Hackathon Part 1) and gives you the freedom to build the next frontier of coordination primitives (Hackathon Part 2).
Total prize
$200,000
Sponsor
Aragon, Bankless, BitDAO, DeepDAO, Gitcoin, Gnosis, etcâŠ
3.POAPathon 2021
About
POAPathon inspires the world to connect and create through design competitions, on-demand entertainment, live event production, and collaborative creative spaces.
Sponsor
PEOPLE DAO, Layer Zero, QiDAO, Gitcoin, etcâŠ
4.Hack Algo
About
Hack Algo is a hackathon organized by the top teams of the Algorand ecosystem, Hack Algo is the best way to join the Algorand developer community and work on the most innovative blockchain network.
Hackers and developers from around the world gather to work on prizes from popular Algorand applications, design and build new protocols and decentralized apps, win substantial cash prizes, meet talented engineers, and more.
Sponsor
Algofi, C3, reach, xBacked, tinyman, etcâŠ
Summary
As mentioned earlier, we believe that hackathons will become more important events in the Web3 era.
In the Web3 era, people will become more anonymous and fluid, regardless of country, race, or gender. Why not hold a hackathon for your project as an opprtunity for people around the world to collaborate?
We truly believe that great ideas will emerge and lead to the development of your project.
AKINDO is looking for Mini-Hackathon partners
We are developing AKINDO, which will solve issues for Web3 projects, DAO and other Web3 workers, for release in mid-June. Therefore, we are looking for partners free of charge before the release. We will ask users to do a Mini-Hackathon including ideas and product creation related to the development of your project's ecosystem. This is a matching platform that allows more freedom of output on the part of users than so-called bounty jobs. We believe that increasing the number of stakeholders is a great opportunity to increase the value of your project. If you are interested in any of the Web3 projects, please contact us. We are looking forward to hearing from you. We look forward to hearing from you.
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