TóróNet Hackathon: Fostering Community Impact With Blockchain Technology
The TóróNet Hackathon which had over 56 Participants began on the 31st of October and ended on the 27th of November, 2023. This hackathon was not just a great opportunity for developers to hack, build teams, collaborate, and win prizes, but to build applications that can be converted into tangible smart contracts on the TóróNet chain, demonstrating their practical functionality in resolving community problems.
We extend gratitude to the TóróNet team for hosting this hackathon on techFiesta. They held various technical sessions during the hackathon and offered bounties worth $18,000 which were distributed among the winners.
The purpose of the hackathon was to reach developers and project owners and have them build on the TóróNet chain. The applications built by these innovators are tailored specifically for communities with limited access to financial services, to potentially transform and empower them.
During the time of the hackathon, developers had opportunities to participate in online workshops organized by the ToroNet team and they also enjoyed prompt and instant communication that helped them through the project-building process on TóróNet. The two sessions entail the following:
- Toronet Hackathon Kick-off Session: In this kick-off session, Toronet introduced their team and blockchain, providing comprehensive details about the hackathon and outlining their expectations for submissions.
- Toronet Hackathon Technical Session: This technical session delved deeply into the complexities of the Toronet Hackathon, offering participants a guided exploration of technical aspects led by the Toronet team, Ken Alabi, Co-Founder, and Dr. Wenhai Li, Technical Director.
ToroNet Hackathon Closing Ceremony
The ToroNet hackathon, a 27-day event of intensive development on the ToroNet chain, concluded on December 7, 2023, with a virtual closing ceremony. The event, held via Zoom, celebrated the achievements of 56 participants who showcased their skills during the hackathon. Out of these talented developers, five were announced as winners, each distinguished by their innovative and practical solutions.
During the ceremony, the ToroNet team highlighted the criteria used for selecting the winners. This approach ensured a fair and transparent competition, emphasizing the quality and applicability of the submitted projects.
The event wrapped up with an interactive Q&A session, offering participants a chance to engage with the ToroNet team. This session provided insights into the winning projects and encouraged a collaborative atmosphere among all attendees, fostering a sense of community within the blockchain development sphere.
The winning projects were:
1st Place: Coffer City — $1,500 USDT + Bootstrap Grant ($5,000)
Coffer City is a web3 solution designed to tackle financial insecurities and improve economic resilience within communities in Nigeria. By leveraging blockchain technology, Coffer City provides a transparent and secure platform for individuals to engage in weekly savings/contributions towards the accumulation of selected assets over a specified duration.
This project addresses the financial insecurity that is a prevalent issue in many Nigerian communities, often exacerbated by inadequate access to formal banking and savings infrastructure. This initiative not only promotes financial discipline but also drives economic empowerment and financial inclusion, especially among low-income earners and informal sector operators.
2nd Place: Groverse — $1,000 USDT + Bootstrap Grant ($5,000)
Groverse champions the creation of renewable energy solutions, placing user convenience and empowerment at the forefront. It allows users to access electrical energy seamlessly and conveniently with Smart features. An innovation that is affordable; offering efficient access to renewable energy and revolutionizing the user experience.
It is disrupting the traditional energy landscape by seamlessly integrating renewable energy access into users’ lives, promoting sustainability with unparalleled convenience. What sets Groverse apart is its ingenious approach to incentivizing users; you earn from using its devices by mining the Groverse token daily.
3rd Place: ThriftChain — $500 USDT + Bootstrap Grant of ($5,000)
ThriftChain provides a secure, transparent, and efficient way for users to save, contribute, and work towards achieving financial and lifestyle goals. A financial management tool that leverages blockchain technology to facilitate both individual and group-based saving, contribution, and thrift activities.
This cutting-edge innovation helps many individuals and groups who struggle to effectively save money or collectively contribute towards shared financial goals. This team recognized challenges in collectively acquiring assets due to various logistical, financial, and trust-related issues.
ThriftChain allows users to contribute in stable coins (Toro-NGN) or any other stablecoin of users choice) and select their saving frequency while defining their financial goals, be it for personal objectives or communal assets. Users can contribute regularly at various frequencies (daily, weekly, bi-weekly, or monthly) and receive their targeted goals upon maturity, thus fostering a culture of disciplined and goal-oriented financial planning.
4th Place: Eco4reward — $100
Eco4reward is a decentralized solution that rewards users for taking actions that have a positive impact on the environment. This innovative application tackles two critical challenges:
- Environmental degradation
- Rising unemployment.
In the face of Nigeria’s economic struggles, a significant portion of the population is grappling with deep poverty, exacerbated by an oversaturated job market unable to accommodate the influx of university graduates. Simultaneously, environmental neglect is worsening, with a pervasive lack of awareness about the repercussions of individual actions on the environment.
Eco4reward aspires to bridge these gaps by incentivizing eco-friendly actions. By doing so, it not only addresses the immediate concerns of environmental deterioration but also provides a means of livelihood for individuals in need.
5th Place: Nye — $100
Nyé is a transformative solution pioneering a secure and transparent ecosystem that bridges the gap between donors and NGOs. At its core, Nyé redefines the donation landscape, offering users a seamless platform to contribute while ensuring the transparency and security of each donation’s journey. Users can donate using Toro tokens, harnessing the robust capabilities of the network to facilitate swift and cost-effective transactions.
Nyé’s impact extends beyond facilitating transactions; it revolutionizes the donation experience, making it accessible, secure, and empowering for users. By harnessing the power of Toronet, Nyé champions a future where every donation carries not just value but also transparency, trust, and tangible impact for NGOs and their beneficiaries.
Impact of ToroNet Hackathon
The ToroNet Hackathon marks a significant stride toward community-driven innovation and inclusive financial solutions. Throughout this event, developers and project owners showcased their ingenuity by crafting applications aimed at addressing real-world challenges faced by underserved communities.
Leveraging Toronet’s feeless, lightning-fast transactions, and instant finality, these solutions built upon smart contracts hold the promise of transforming lives by offering accessible financial services where they are needed most. Although the hackathon has ended, the seeds of technological empowerment and community impact have been sown, promising a future where blockchain technology plays a pivotal role in fostering equitable access to financial services for all.
Conclusion
The ToroNet hackathon was not just an event; it was a celebration of creativity, highlighting sustainable impact and future scalability through teamwork, and empowering communities with Blockchain Technology. It served as a platform for developers to leverage Toronet’s capabilities in creating smart contracts to empower communities, offering practical and efficient solutions. We look forward to seeing more developers make a lasting impact in communities through their projects.
As a developer, embracing the world of hackathons stands as a significant opportunity to showcase your skills, win bounties, get grant and funding opportunities, and cultivate meaningful collaborations with fellow builders and innovators. Sign up on the techFiesta platform today and start hacking.
About TóróNet
The TóróNet is the world’s first layer 1 blockchain designed to power the tokenized economies of the Global South. They’re a pioneering organization dedicated to transforming lives and empowering underserved communities through innovative solutions. With a strong commitment to humanitarian values, they harness cutting-edge technologies to overcome the limitations of modern infrastructure and bridge the gap in access to essential services. TóróNet ‘s mission is to improve the well-being of individuals and communities left behind in the fast-paced world by providing increased access to education, healthcare, financial services, and economic opportunities.
About techFiesta
techFiesta is a developer activation platform where companies launch hackathons and developer challenges. Our developer events are designed to provide an engaging and rewarding experience for developers of all levels, as well as professionals from other fields who are interested in technology. Protocols that host developer events on techFiesta have the opportunity to work with a diverse and talented group of developers, harnessing their fresh and inventive ideas to fuel growth and success in their businesses.
Follow us on our various social channels:
LinkedIn: techFiesta
Twitter: techFiesta
Discord: techFiesta
Telegram: techFiesta
