This year has been a watershed moment for bitcoin adoption and performance. We believe that crypto-asset acceptability is still in its early stages and that it will rapidly expand in the next few years. For investors who can weather the volatility of this new market, this outlook represents an opportunity. Our paper aims to give financial advisors and investors a primer on digital currencies and how they might fit into their portfolios.
Other blockchain protocols are focused on smart contracts, ownership verification, media and entertainment rights, supply chain management, health care records, and many other applications. While Bitcoin is primarily focused on payments and money transfer applications, other blockchain protocols are focused on smart contracts, ownership verification, media and entertainment rights, supply chain management, health care records, and many other applications.
And due to this growing popularity countries have started to accept digital currencies with open hands. The latest to the list is El Salvador accepting Bitcoin as a legal tender. And it is now going to have its Bitcoin Bankathon. It is the country’s first-ever Bitcoin-focused hackathon. Let’s learn more about it.
El Salvador’s First-Ever Hackathon For Bitcoin
The Bitcoin Bankathon is a fast-paced competition focused on producing new Bitcoin-based banking solutions that can unlock access to enhanced financial services for Salvadoran residents. It is open to coders, designers, entrepreneurs, and anybody with brilliant ideas.
It will run for three weeks, beginning November 19th and ending December 5th. The genesis event aims to bring together developers from all over the world to create novel banking applications based on a technology platform provided by four industry leaders — Open Bank Project, API3, Credo, and Sovryn — that will allow Banco Hipotecario to offer Bitcoin banking and financial services to all Salvadorans.
El Salvador’s adoption of Bitcoin paves the way for the country to get access to decentralized financial Bitcoin products as well as alternative global investment sources.
Teams of Web 2.0 and 3.0 coders, designers, entrepreneurs, and problem-solvers will spend two weeks working remotely to produce functional prototypes for their ideas and build up a new infrastructure that will redefine the future of financial services in El Salvador beginning November 19th. Participants will have the opportunity to code in the heart of El Salvador during the third week.
The Five Challenges For This Hackathon
The hackathon challenges will be divided into five categories:
Celina Padilla, President of Banco Hipotecario de El Salvador says:
“To succeed in creating a more inclusive financial services landscape for the citizens of El Salvador, we must start driving innovation proactively. A hackathon is like a seed that allows innovation to sprout. Banco Hipotecario is proud to be the first bank to plant this seed to create innovative Bitcoin-based applications that will remove the barriers preventing Salvadoran citizens from accessing financial services in the region.”
Participants will receive on-the-ground and online support. Engineers will assist with technical questions, while mentors will guide you to the perfect pitch. All qualifying teams will be able to win a share of the $200K prize pool, which includes awards for Best Overall Product and Most Advanced Technology.
Edan Yago, Core Contributor at Sovryn says:
“Most developing countries lack sophisticated financial markets, forced to rely instead on the markets and institutions of traditional global financial hubs like New York or London. With the adoption of Bitcoin, El Salvador gains access to an alternate financial system. This decentralized financial system is open, global, transparent, and being built by the world’s best technologists and financial minds. Sovryn is proud to be able to partner with other leading DeFi (decentralized financial) products to bring financial inclusion to Salvadorans that would have been impossible with traditional systems.”
Conclusion
As Bitcoin and other digital currencies continue to rise in acceptance and popularity, it is quite evident that this is just the beginning of a big revolution coming up. People are eagerly looking forward to the Bitcoin Bankathon and it is expected that it will be a big step for the economy of El Salvador. The Bitcoin Bankathon is officially accepting registrations, and anyone interested in participating can get a pass here.
Source: https://www.cryptoknowmics.com/news/el-salvador-is-here-with-its-first-bitcoin-bankathon/
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