IOSG Ventures and Chainlink Launches Layer 2 Hackathon with $80k in Prizes
In summary:
- IOSG Ventures and Chainlink launched a layer 2 hackathon.
- It will happen between July 1st and August 1st, 2021
- Over $80k in prizes is up for grabs.
🤩 Looking for “Hacking Voyager”
Scaling is a Blue Ocean waiting for the developers to explore and find the New World. Scaling blockchains and specifically Ethereum has been a challenge. Every scaling approach has its own trade-offs regarding the security, decentralization, throughput, and flexibility choices.
As the data space provided by Ethereum is limited, even though rollups increase scalability by compression or other techniques, they are still bounded by the scalability of the layer-1 chain itself. The gas limit of the Ethereum blocks still restricts the throughput increases of the rollups. That’s why there are off-chain data availability solutions like zk-porter and Starkex that provide increased scalability over on-chain data solutions at the cost of lower security guarantees. State channels made a comeback with the on-chain data rollup solutions, as they provide faster withdrawal mechanisms from layer-2 to layer-1. Projects like Celer, Connext, and Hop are working on increasing the communication between L1/L2 and L2/L2. These projects increase the capital efficiency when funds are withdrawn from layer-2’s. They are fabulous experiments that are going on currently, but what’s next?
⛵️Dream big, let’s scale!
In support of developers to explore more possibilities of Layer2 solutions and open up new paths, IOSG Ventures and Chainlink are going to launch a global hackathon, powered by MatterLabs, The Graph, Aurora, DODO, Polygon, Synthetix, Perpetual Protocol, MCDEX, Celer, NEAR, Hop Protocol, OpenDeFi, dYdX, Gelato, and Loopring（More projects are pending!）on the theme of Layer 2 scaling to find the real “Hacking Voyager”. The hackathon is scheduled to open for registration from TODAY to July 21 and 3 days of hacking & demo in Shanghai from July 30 to August 1.
The winning teams will not only receive bounties from the pool but also have the opportunity to access the IOSG Kickstarter waitlist. We hope to find the most outstanding “Hacking Voyagers” in the Layer2 era. So, it’s time to set sail! Dream big, let’s scale!
🔥 Hackathon Highlights
- $80K Super Bounty
- Technical Mentorship
- Professional Judges
- Resource & Connection
- Market Advice
- IOSG Kickstarter Program
- Chainlink Special Awards
💰 Multi-level Fund Pool — $80,000
A. Public Fund Pool
First, second and third prizes will be selected respectively to give incentives, from product design, technical difficulty, economic model, business value, demo performance, and other aspects of evaluation and scoring. Moreover, applicants have also got the opportunity to receive the Chainlink Special Awards.
B. Ecological Bounty
A number of partners will set up ecological bounty challenges; any team interested in can design and develop innovative solutions for the proposition, and the outstanding teams will receive generous ecological bounty support and comprehensive project assistance from partner organizations.
C. IOSG Kickstarter Bounty
Winning teams will have the prioritized opportunity to enter the candidate queue of the Kickstarter program launched by IOSG Ventures. Teams that pass the audit will be awarded $10,000- $100,000, and those that do not pass will also be provided with all-around support, including but not limited to technology development, product construction, community building, talent introduction, etc.
📅 Event Agenda
NOW — 7.21: Registration & Online workshop
7.22: Challenge announcement
7.22–7.29: Online team up
7.30–8.01: Hacking + Onsite workshop
8.01 — Demo day, Shanghai
☎️ How to Apply
Interested individuals or groups from all over the world can briefly fill the application form and outline their project or area of interest via the link below. Projects can be in any space related to Layer2 which our diverse teams will work on throughout the hackathon with the goal of addressing real-world blockchain adoption challenges in applying scaling solutions and layer 2 technology. Qualified applicants will receive the confirmation via email. For overseas applicants who are unable to get to Shanghai, we also provide the opportunity of remote participation to do online hacking and live video pitching.
❓FAQ
- Is there a fee for this hackathon?
There is no charge for this event. We are more than happy to see you there!
2. I don’t know much about Layer2 technology, can I participate in the hackathon?
Yes, each team consists of 3–5 people. If you have a good idea, know UI design or product design, etc., you can also join the project team and help in various ways.
3. Can individual developers apply to form a team by themselves?
In theory, we don’t recommend a one-person team, but if you already have a more mature idea and can handle all the output processes by yourself, you can give it a try!
4. Is there a limit to the number of teams I can be part of?
We recommend that you join a team and fully assist the rest of your team in completing the final product and submitting a demo.
5. Does each team member need to fill out the participant information form after forming a team?
Yes, each member needs to submit the details required by the form. Special reminder: a team should use only one team name all the time.
6. If I can’t come to the demo onsite, can I participate remotely?
Overseas registrants can participate in the demo remotely.
7. Will non-participants have the opportunity to watch the demo onsite?
Yes. If you are not participating in the competition, you are also welcome to join us on the demo day in Shanghai. Please keep an eye on IOSG’s telegram group announcements and public content updates.
8. Is there a live video of the demo day? Will it be uploaded publicly later?
There will be a live video, which will be synchronized on our public channel. We will also upload the video to our public website, so stay tuned!
9. How to participate in the mentor-assisted panel/workshop presentation?
Please keep an eye on our Twitter account (@IOSGVC) and the information update of the Hackathon information group. We will update the panel/workshop information with you in time.
10. Where can I learn more about Layer 2?
The best place to learn more about Layer 2 is the Ether website.
