On August 17-19, the Bitcoin Association conducted its second Bitcoin SV [BSV] hackathon attracting developer teams from across the globe who worked on creating projects that enable people to actually use Bitcoin. The contest is run by blockchain advisory and development group nChain and is sponsored by CoinGeek. The virtual competition leads up to the next CoinGeek conference in Seoul, South Korea on October 1-2. Preliminary judging will select 3 top finalists, who will each send a representative to CoinGeek Seoul to present their project on October 1 for final judging by a panel of industry leaders and audience voting. They compete for a total prize pool of USD $35,000, paid in BSV.
Demonstrating the rapid global expansion of BSV development, this 2nd BSV Hackathon attracted teams from over 35 countries: Algeria, Argentina, Australia, Bangladesh, Bulgaria, Canada, China, Colombia, Ethiopia, Fiji, Ghana, Honduras, India, Indonesia, Macedonia, Malaysia, Namibia, Netherlands, Nigeria, Pakistan, Poland, Portugal, Qatar, Rwanda, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Sri Lanka, Switzerland, Thailand, Tunis, Turkey, United Kingdom, United States of America.
The competition’s theme is USE of Bitcoin. Contestants were asked to create an application on BSV that charges a very small amount for an action that has value to the user. The challenge is to find meaningful ways that ordinary people can use small amounts of Bitcoin to get users further engaged; this means micropayments of a few cents or even fractions of a cent.
Bitcoin Association chose this theme as part of its efforts to shift the cryptocurrency paradigm away from today’s model where people “buy and hold” coins. Instead, BSV’s roadmap for a massively scaled blockchain and micropayments capability will ignite a new self-empowering world where people “earn and use” Bitcoin in daily life as part of a recursive digital economy.