Venom Foundation Hackathon: $225,000 Prize Pool
Venom Foundation has announced the commencement of a no-cost virtual hackathon featuring an impressive $225,000 prize pool.
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On April 27, registration opened for the highly anticipated hackathon, and the event itself is set to begin on May 8. For an entire month, developers from all corners of the globe are invited to unleash their creative flair by building their own cutting-edge application in the Venom blockchain Testnet. As an added bonus, they have the chance to earn a whopping sum of cash, ranging anywhere from $3,000 to $30,000.
We have put together all the details of the upcoming event that could help users vie for the coveted top prizes.
The hackathon's specifics
Venom, a Layer 1 blockchain with a license from Abu Dhabi Global Market, is geared towards the swift deployment of the Web3 ecosystem.
The Venom Foundation hackathon aims to acquaint the cryptocurrency community with the novel network and instruct them on how to operate it.
Developing on Testnet will allow users to gain a better understanding of the protocol's functioning ahead of time, without expending their personal funds. The hackathon was supported by the teams of cryptocurrency projects, namely DoraHacks, Developer DAO, and Hacken.
The event is scheduled to take place from May 8th to June 10th, with the following timeline:
● 08.05.23 – Opening ceremony;
● 09.05.23 – Introduction to Venom development. Start of seminars and training;
● 08.05.23-10.06.23 – Working process;
● 10.06.23-16.06.23 – Period designated for app evaluation and winner selection;
● 17.06.23 – Hackathon closing ceremony.
Schedule of the Venom Foundation hackathon. (hackathon.venom.network/)
Attendees of the hackathon can benefit from a diverse range of lectures and workshops on essential topics such as smart contract development, TIP-4 standard token creation, and dApp integration with Venom. All levels of expertise are welcome, making this event a great opportunity for anyone interested in blockchain project development.
You can register for the event at the following link.
Key areas of development
The Venom Foundation team has outlined three primary directions for hackathon participants to pursue:
■ Web3, NFT & Gaming. Category encompasses games, social networks, NFT marketplaces, metaverses, and more.
■ DeFi & Stablecoins. Decentralized applications, exchanges, credit protocols, and other related areas are included;
■ Tools & Infrastructure. Development of cryptocurrency wallets, oracles, data storage services.
Categories for dApp development within the Venom Foundation Hackathon (hackathon.venom.network/)
Awards and selection criteria
The projects created on the Venom Network will be judged using the following standards:
● Technology and innovation;
● Potential impact and importance to the ecosystem;
● Project stability;
● Design and interface;
● Idea quality.
The judging panel comprises numerous distinguished personalities from the cryptocurrency sector, such as Luis Chu, the Chief Technology Officer of Venom Technology, Chris Zakhnun, the Chief Executive Officer of the Dao Maker accelerator, Sergey Chernikov, the Chief Technology Officer of Camelot, Arbitrum's Decentralized Exchange (DEX), and several other notable individuals.
Six individuals or teams will be selected in each of the three development categories, and will receive the following awards:
■ First place – $30 000;
■ Second place – $20 000;
■ Third place – $10 000;
■Fourth through sixth place – $3 000.
Distribution of rewards among the winners and runners-up of the Venom Foundation hackathon. (hackathon.venom.network/)
Final words
The Venom Foundation hackathon provides an excellent opportunity to explore blockchain, acquire proficiency in operating it, and launch one's own products. The monetary rewards are quite lucrative, and the training and support provided to development teams enable even those with minimal programming knowledge to participate.
Even if one is unable to attain the rewards, the hackathon presents a valuable opportunity to test one's blockchain development skills, without incurring any unnecessary expenses on transactions.
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