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Harmony organizes $1M hackathon to bridge DeFi and traditional finance

As per the available information, the Harmony Hackathon will last for six weeks. The hackathon will start from August 15, 2021 and will end on September 30, 2021.

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There will be three categories, and each will have four challenges for the experts to complete.

Currently, the organizers of the Harmony Blockchain have revealed that registration for the event will begin in August. In addition, there are over one million dollars available in seed funds and participant rewards. The company announced this via Twitter on Thursday.

According to the announcement, the hackathon aims to achieve collaboration between traditional finance and decentralized finance.

Furthermore, the team aims to bring in more people from the traditional finance sector to address the challenges affecting their industry and the DeFi sector.

Brief information about the upcoming hackathon

According to what Harmony revealed, the hackathon will fall into three categories. There will be four challenges in these categories, which include cross-chain and trustless bridges, cross-border with fintech integration, social wallets and keyless security.

Harmony also made some statements on Twitter, saying that blockchain finance is where the product-market fit is. However, many of the people who create decentralized finance do not belong to traditional finance.

Harmony organizes $1M hackathon to bridge DeFi and traditional finance
image credit: harmony official twitter

Therefore, Harmony aims to bring in more traditional finance experts to add to their knowledge of decentralized finance.

Harmony also mentioned that traditional finance experts have many things to teach them in DeFi. Similarly, DeFi practitioners can also help them understand this area more and learn how to use it. Hence, it will be a mutually beneficial event for both TradeFi and DeFi.

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In connection with the event, Harmony revealed some of the people who will speak at the event or serve as judges for the participants.

According to Blockchain, these people include Omakase, the main developer of Sushi Swap, Lily Liu, co-founder of Earn.com, Imran Khan, head of the DeFi Alliance, and other prominent figures in the industry.

In addition, sponsors of the event include Messari, Sushi Swap, Coinage.com, Unstoppable Domain, DoraHax, Dappradar, Hummingbot and The Defiant, a news platform.

A Brief on Harmony

Harmony is a sharing protocol that uses a “trustless Ethereum bridge” to separate its blockchain into different segments. These segments are responsible for processing and storing data in parallel.

Mainnet launched in 2019, and since then, the company has partnered with many others to scale up its operations. In addition, Harmony has since completed several integrations as well. For example, it added Terra to its blockchain in order to use the token on apps in the ecosystem.

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Blockchain revealed that it will be sponsoring the hackathon in June. According to Blockchain, it aims to reach 10 billion users, which is one way to achieve this.

Registration ends on August 15, and teams can only have 5 people. Once they reach the submission deadline, the event will begin.

Featured image from Pixabay

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