Chestnut wins 2nd Place and Best UX at the EOS Global Hackathon in London
Team Chestnut was runner-up and best UX design winner at the third part of the EOS Global Hackathon series — a two day event held at the Science Museum in London, UK on 23 September 2018. They were awarded a total of US $28,000 in prizes and received an invitation to attend the Grand Finale in Cape Town, South Africa in December.
The team behind the project believe that widespread adoption of blockchain technology and integrating cryptocurrencies into everyday life will only be possible when the average user feels confident in managing their crypto assets. Being in charge of crypto holdings can be intimidating because there are no third party intermediaries to step in if a user makes a mistake; for example, accidentally transferring 1000 EOS instead of 100 EOS or incorrectly typing the recipient address.
A Chestnut account empowers users to set their own security parameters, including spending limits, white/ blacklisted accounts and time-based transaction limits. It is a multi-signature account, that splits the required transaction authorisation signatures between the user and a smart-contract, which either approves or denies the request, based on predetermined user preferences.
Chestnut aims to be the bridge between crypto banking and the traditional banking system, offering familiar security features with an intuitive and user-friendly design, while retaining the private and decentralised nature of blockchain technology.
Block.one’s EOS Global Hackathon series is the biggest blockchain hackathon to date, with EOS VC awarding a total of US $1.5 million across five events. London was preceded by competitions in Hong Kong in June and Sydney in August, with the fourth event to take place in San Francisco in November.
Chestnut competed against 89 other projects, comprised of 468 participants from 44 different countries. Each team was challenged to create an application on the EOSIO platform that improves the relationship between technology and a user’s privacy or security, culminating in a pitch & demo presentation of the top 10 ideas.
The panel of judges included high profile EOS and blockchain personalities such Dan Larimer (CTO, Block.one), Brendan Blumer (CEO, Block.one), Michael Alexander (CEO, EOS VC) and Sharon Henley, representative of the British Blockchain association and Head of Marketing at the Royal Mint UK.
The Chestnut co-founders are Danielle Diamond, Daniel Liebeskind, Patricia Parkinson and Anette Wilms, and formerly Ashe Oro. The group met on Bali, Indonesia in early 2018, as part of a community of digital nomads enthusiastic about blockchain technology.
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