The tech space is rapidly expanding. Cutting-edge technologies such as artificial intelligence, machine learning and the Internet of Things are breaking new ground with innovative use cases, and the world is gradually beginning to accept the idea that digital resources can have real-world utility.
Blockchain technology was first introduced to the world in 2009 and has evolved to unprecedented heights since then. The digital asset market capitalization has crossed $2 trillion, and with sectors such as decentralized finance and nonfungible tokens attracting more institutional investors than ever, this number is expected to grow in the years to come.
Just as the internet pushed humanity’s avenues for communication to new frontiers, blockchain networks illustrate a decentralized internet of value. This lets anyone build financial applications without having to set up the expensive underlying infrastructure, and by offering these products and services on a shared, decentralized platform, sending money across the globe will soon be as easy as sending a text.
Developers are the lifeblood of the distributed ledger technology ecosystem, constructing stable networks, updating crucial consensus algorithms and creating robust financial applications for a distributed network of unrelated users. The world of financial services is gradually opening itself up to blockchain technology and if its growth over the last few years is anything to go by, the future of money lies in the hands of developers.
This September, Octaloop is conducting DecentralHacks 2021 and The Road to Metamorphosis 3.0, a free blockchain-focused hackathon and virtual summit. Having worked events in the space including informal meetups, hackathons, fireside chats with industry leaders, as well as educational talks since 2016, Octaloop is bringing the cryptocurrency community together one adventure at a time.
From Sept. 13 to Oct. 1, developers from all over the world will compete for the chance to win rewards from a $5,000 prize pool. With sponsors such as the peer-to-peer bandwidth marketplace Sentinel, DeFi aggregator platform 1inch Network, and global derivatives exchange platform Phemex, DecentralHacks is open to developers of all skill levels, including both novices and veterans in the field.
Hackathons are a great way to hone and test both your development and creative thinking skills, and DecentralHacks has a lot to offer in that regard. From mentor sessions with accomplished industry professionals to networking with other participants and producing inventive solutions with blockchain, there’s something for everyone at DecentralHacks, even the casual enthusiast.
At The Road to Metamorphosis 3.0, participants will have the chance to interact with some of the most influential people in the industry, including Dan Edlebeck, CEO of Exidio (building decentralized VPN service Sentinel); Kristina Lucrezia Cornèr, editor-in-chief at Cointelegraph; Shiv Henderson, lead developer of Aave; Jack Tao, CEO of Phemex; Kirill Kuznetcov, decentralized exchange aggregator lead developer of 1inch; and Jaye Harrill, communication manager at QuantStamp, among others.
“Exidio sees an enormous pool of talented developers in India, and with how rapidly the DLT and DeFi arenas are expanding, we’d love to see more of them building on Cosmos and Sentinel.”
Participants would also have the chance to discuss their ideas, ask questions and spark a conversation with a community of enthusiasts and developers in blockchain technology. A part of the prize pool is also allocated to bug bounties, and by giving developers the tools needed to design decentralized applications and work with blockchain systems, DecentralHacks hopes to create a more inclusive environment for developers to work toward a global monetary ecosystem that doesn’t rely on intermediaries.
Educating the educated
DecentralHacks will transpire in three phases, the first of which is “Conceptualize,” which involves learning blockchain development basics and getting in touch with the tools developers use to create decentralized applications. This phase will also include tutorials and in-depth sessions with mentors. The next stage is “Collaborate,” where participants will come together to solidify their ideas, incorporating feedback from industry veterans and constructing a strategy to create their applications.
The last phase, “Create,” will have thousands of developers hammering away at their keyboards to create the most impressionable software for DLT, competing for a prize pool worth thousands of dollars.
DLT is still in its early stages and can only grow further if developers become more aware of it. Of the 18 million developers worldwide, less than 1% of them genuinely understand how blockchain works. While this can seem daunting, it’s also an opportunity for developers to make their mark in a niche industry, building skills that will only appreciate with time.
Over the last decade or so, blockchain technology has risen above barriers that were previously thought insurmountable. From the infamous scalability trilemma to the hype behind yield farming and NFTs, cryptocurrencies are paving the way toward a fully decentralized economy with each problem they solve.
In an industry that’s grown so fast, experience counts for a lot and DecentralHacks is an experience worth having. No one believed the internet would explode the way it did, except those building online services when no one else was. It’s impossible to cash in on that growth today, but we can create for the future.
Money is one of the most fundamental components of human society and blockchain technology is changing humanity’s notions of what a currency can be. Through distributed efforts and a collective goal, developers are building the future of money and wealth, and the best time to start learning how to contribute is today.