Octaloop’s DecentralHacks 2021 About to Take Off

The tech world is on a roll with emerging technologies like machine learning, artificial intelligence, and the Internet of Things. The everyday use cases and the potential of these technologies are largely unrealised and undervalued. This is bound to change as global institutions and masses become increasingly open to the idea of digital resources running real-world applications.

The world first came to know about blockchain in 2009. Since then, it has evolved to unparalleled heights and proposed new ways of introducing transparent, permissionless infrastructures into our ecosystems. Today, virtual assets have a market capitalisation of over $2 trillion, where decentralised finance (DeFi) and NFTs lead the charge. These areas of DLT are attracting more institutional players than ever before, and the number is only expected to grow in the years approaching.

With the advent of the Internet era, our world was introduced to fast-paced evolution, success and technological change. Blockchain takes this evolution forward, employing decentralisation, accessibility, and ease, bringing us the Internet of Value (IoV). IoV eliminates the need for costly infrastructures to build financial applications and offers them to the masses on a collective, decentralised platform. Soon, it could make remittances as simple as sending a text message.

DLT relies heavily on developers to construct stable ecosystems and networks. They create significant financial applications and integrate crucial consensus algorithms to run distributed networks of unrelated participants. Fintech is gradually becoming aware of the transformative impacts of blockchain on the industry, and judging by DLT’s historical growth, developers will be the core of this journey.

DecentralHacks 2021

Octaloop is conducting DecentralHacks 2021 and The Road to Metamorphosis 3.0, scheduled for September 13th to October 1st. It’s a free blockchain-based hackathon and virtual summit for developers and crypto enthusiasts to learn, earn and widen their network.

The company has launched blockchain events many times since 2013, including hackathons, informal meetups, fireside chats with industry leaders, and educational talks. It is taking crypto discussions to the masses and bringing the community together through value-driven events and get-togethers.

A prize pool of $5,000+ is reserved to reward the hackathon winners, where a part of it is also allocated to bug bounties. With significant industry leaders like 1inch and Phemex, Octaloop has gathered much support and traction for the event. It welcomes developers of all skill levels, from novice to veterans, to participate in its hackathon and summit.

DecentralHacks offers immense value to its participants, whether they are veteran developers, casual crypto enthusiasts, or somewhere in between. The 2-day summit is packed with mentor sessions, blockchain tutorials, and discussions with industry experts to transfer knowledge to the community. It is followed by the hackathon that tests developers’ technical and creative skills as they strive to build innovative blockchain projects for the competition.

The speakers scheduled to speak at the summit are some of the most influential industry leaders, including Octaloop founder Anupam Varshney, 1inch co-founder Anton Bukov, Phemex CEO Jack Tao, and CoinTelegraph Editor-in-Chief Kristina Lucrezia Cornèr. Participants will have an opportunity to engage with these leaders and discuss novel ideas through speaker sessions and Q&As.

To make it easier for developers to work with blockchain systems and design decentralised applications, DecentralHacks will provide them with all the essential tools for the tasks. Through this event, Octaloop hopes to take developers closer to decentralised ecosystems that would eventually contribute to monetary infrastructures independent of intermediaries.

Conceptualise. Collaborate. Create.

There will be three phases in DecentralHacks: conceptualise, collaborate, and create. At the conceptualising stage, the participants would learn blockchain development basics and introduce themselves to developer tools used to build decentralised applications. This phase will also have tutorials and in-depth mentor sessions.

The collaboration stage would call participants together to finalise their ideas and strategise their project’s construction with the help of industry veterans’ feedback.

Creation is the last stage of the hackathon, where thousands of developers will be punching keys to build impressive DLT applications and win from a prize pool of thousands of dollars.

There remains no doubt that developers are crucial to the growth of DLT and can carry it to new heights through their zeal and awareness. Only about 1% of 18 million developers globally effectively understand how blockchain works. This may seem daunting at first, but it is an opportunity for developers to be innovative, build unique projects, and stand out in a niche industry.

Blockchain has seen many hurdles on its way in the last decade, but it has also risen to the challenges and solved problems to clear the road to mass adoption. With every passing day, the industry advances and bubbles with newer ideas. DecentralHacks acts as a collective wave of experiences that emerge from these ideas and helps build a diverse community that’s strong, creative, and ready to enter a new technological era.

The Internet didn’t have the following it deserved when it arrived, but the ones who trusted the technology and built early projects on it reaped its long-term value. Similarly, DLT is still in its experimentation phase, and we still have the chance to cash in on its growth and utility.

Blockchain can empower money, which has always been a fundamental element in the evolution of human society, and developers can be the core participants in uplifting this technology. Their distributed efforts and a collective goal to free monetary systems of central institutions and third parties will send societies into their next phase.