Harmony to launch a $1 million hackathon to bring conventional finance and DeFi together

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The Harmony blockchain has started enrollment for a hackathon that will take place in the upcoming month and will include over $1 million in seed financing and incentives for competitors.

Harmony announced the hackathon on Twitter on Thursday, saying it would try to bring in more individuals from conventional finance for challenges that would bridge their fields with decentralized money. According to the protocol, every category of social wallets and keyless security, cross-chain and trustless bridges, and cross-border with financial technology incorporation would face four difficulties.

“In blockchain, finance is where we are seeing product market fit,” stated Harmony. “But most of DeFi was created by people who didn’t come from traditional finance. We want to bring more TradFi in to contribute to DeFi. We know they have much to teach us and we can help them understand and harness the power of DeFi and teach them a lot as well.”

Harmony Plans To Merge Traditional Finance And DeFi With Its Hackathon -  Coinscreed

Along with Earn.com co-creator Lily Liu, DeFi Alliance lead Imran Khan, and others, SushiSwap core developer Omakase is mentioned as one of the main presenters or judges for the event. CoinGecko, Messari, Unstoppable Domains, DappRadar, SushiSwap, DoraHacks, news portal The Defiant, and Hummingbot are among the event’s sponsors.

Harmony’s mainnet initially started in 2019, and it’s a sharding protocol with a trustless Ethereum bridge that divides its chain into pieces that handle transactions and store data in parallel. Since then, the company has implemented a number of collaborations and integrations, such as cooperation with stablecoin platform Terra enabling its token to transfer to Harmony and be utilized on ecosystem applications.

Harmony stated in the previous month that it would sponsor the hackathon as part of its goal of reaching 10 billion people. The tournament’s teams will be restricted to five persons, and registration will close on August 15. It will run the event for around six weeks, starting on the deadline for submissions and ending on September 30.

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