RSK — Oraclize — StartupToken Blockchain Hackathon Paris : Banking the Un(der)banked
Blockchain technology is changing the game. By lowering infrastructure costs and increasing the velocity of value exchange, it has triggered an unprecedented social and economic upheaval. Tremendous opportunities are brought to the world, especially to the un(der)banked population. The un(der)banked is a name coined for those who have access solely to their own local, paper currencies, controlled by banks.
Blockchain is a decentralizing power which delivers a decentralized freedom to investment and currency transactions. It is altering the current system in place where a central entity has control over your finances and personal data. There are over 2 billion people in the world considered in this group, the un(der)banked. They have limited social and financial access beyond their local communities. Blockchain solutions can offer unprecedented financial freedom in the billions. As well as displacing control to these individuals from their local governments and financial institutions, blockchain could also offer access to products and tools not locally accessible such as medical or agricultural for example. Decentralized banking over 2 billion people also carries with it an incredible opportunity never seen before.
This is why StartupToken, along with its partners, RSKLabs, Oraclize and Eureka, invited developers to come and challenge the technology and bring the best of it to create cutting-edge solutions for those who will be the most impacted by the Blockchain Revolution. By revolution we were expecting simple solutions to complicated systems. That’s how we triggered the creativity of 5 teams (Monopoly, ChainID, Karbon, Kamano, Time Value) ready to conquer the information loss, the lack of trust in the crypto communities, difficulty to implement tricky information scanning systems, wrong monitoring, uncontrolled business that generates false credits, the overpayment and add transparency and simplify the transaction system by keeping the privacy and the safety of information while accessing it.
The teams were supported, by advisors and had two days to discuss their ideas and focus on a project that could change the vision upon blockchain, by bringing innovation and creativity together with technology. The common wire of all the presented projects was constructed by the democracy proof of the system, its applicability and smart usage in non-technological contexts. Our growing startups presented their innovative ideas of the projects by sharing visions in an extremely changing world
How? By creating clever and simple ways to track the informational exchange of the payment systems and offer the opportunity to everyone to have access it.
Monopoly was a team that tried to monopolize the “democratic rights” on the white papers by creating possibility of off-chain transactions using paper wallets that could be used as a local currency, for example. So no matter the conditions and the background everyone could know how to use it. A blockchain system out of blockchain, but contending the same democratic idea of the economy.
ChainID is a project with a well checked and tested background that solves the information leak by trying through blockchain to bring back the trust between the websites and people using them. Using cryptography as a tool for saving and keeping the data of privacy and at the same time amortizing the complexity of the system’s structure.
Karbon is a simply constructed project that reduces fraud and solves the double-spending problem, representing a framework for carbon trading in general. A technical solution for a ecological problem by the use of smart contracts as a partnership between the obligated parties and an official wallet. A tracking system that approves credits and systematizes their transaction system, so there will not be generated false credits anymore.
Time Value is namely about capitalizing time, and using it as an investment tool. An idea in a classic Black Mirror style. But this time we are talking about the working extra-hours spent on research, on solving the malfunctions, or on extra-work for x reasons. No, this time will not be paid, but it will permit, through blockchain to be used as a right for investing in partnership projects. How does it work? This extra-time will pass firstly through the stage of a value, then through the one of a token sale, and finally- cryptocurrency.
Kamano, the last project to mention that got into the leading teams and was chosen by the jury as the winning one. A voting system for unlocking funds. What is it about? Today cryptography does not represent a total proof of trust for the communities. We have the existing information and the delivered one. We have projects and investors, but we do not have a smart scale that will indicate on the feasibility of a project, which can be replaced by a voting system. An easy come for the crypto communities to decide in which projects it should be invested first, by building a project hierarchy. This system brings a better project preparation, creates zones of interest and what is important, brings trust to the communities.
This Hackathon can be considered a complex brainstorm on what is Blockchain today and what it can become tomorrow. A meetup of creative people that take it out of its technological box and makes the creativity lead and face the future economy, a safely constructed world where trust and innovation can handle the economic pressure and create a healthy business environment through token sales.
If you have a great project and you want to join our acceleration program or launch a token sale, send us your application here.
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