Circumspect Giveaway at the Hackathon of the Texas Bitcoin Conference

In case You have some brilliant idea and capable to develop the corresponding product that can be touched, used and distributed – then You should have went to the Texas Bitcoin Conference. This year David Johnston offered 1 million dollars as a reasonable reward for the winners of the competition. Read more about one of the most interesting Bitcoin events from North America.

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Circumspect Giveaway at the Hackathon of the Texas Bitcoin Conference

In case You have some brilliant idea and capable to develop the corresponding product that can be touched, used and distributed – then You should have went to the Texas Bitcoin Conference. This year David Johnston offered 1 million dollars as a reasonable reward for the winners of the competition. Read more about one of the most interesting Bitcoin events from North America.

 

Set-up of the Conference

 

The most appropriate term to describe the venue of the event is “remarkable”. Hundreds, if not even thousands, of participants have gathered at the Circuit of the Americas Technology and Conference Center. Expos and conferences are not the main purpose of use of the location – it was built to host one of the Formula 1 racing stages, exactly the United States Grand Prix™.

The building is presented to Bitcoin users for two days – the 5th and 6th of March, just before the weekend. Having an area equal to 44,000 square feet, the center allows the administration to divide the flow of visitors in three channels – Nuts and Bolts on the technical aspects of the cryptographic industry, The Open Road on business models and successful implementations of Bitcoin in the everyday life, Make Your Bet on perspectives and evaluation.

 

The Hackathon

 

The money put on the round attracts the most participants and plain spectators to the Hackathon. David Johnston is willing to split the million if four part to award four interesting and promising ideas. He commented:

“Specifically I expect that the winning projects will hold open Kickstarter-style fundraisers after they get a little further down the road and I’ll commit to contributing at least $250,000 to each of their Kickstarter efforts.”

The rules have been announced before – the software should be open source, have its own token, use a decentralized block chain (preferably the Bitcoin block chain) and feature a consensus mechanism.

Mr. Johnston has answered some questions on Reddit, also mentioning where the money comes from.  He additionally provides the reasons for his generosity:

“I’m investing a million bucks because I believe whole heartedly that Bitcoin has pioneered a new model for developing technology. See my whitepaper on the subject.”

He sums up the key to success of an application he might get interested in:

“Let me give an example of what I am interested in. If you came to me with a project and said: ‘It’s basically Dropbox, but people can pay in bitcoins,’ I would have no interest because one day soon Dropbox will start taking BTC and your advantage disappears.”

Instead he would like to see something really extraordinary:

“If you came to me with a project and said: ‘This protocol pays people Storage Coins to contribute their extra hard drive space to the cloud and we have a cool Proof of Storage mechanism and it’s all open source and we store the records in the Bitcoin block chain,’ then I’d be highly interested.”

The Coin Telegraph is going to monitor the results of the Hackathon and of the conference. Follow us for updates and new articles.

 

 

 

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