Guo Guanghua and Xu Liucheng, two developers of the Bytom team from 8BTC.com won the second prize of the Cosmos Hackathon on September 15 with a reward of 10,000 dollars, which represents the best achievement a Chinese team has gained in the competition. Cosmos aims to build a network of interoperable ledgers to host multi-assets and blockchains.
The competition lasts for 6 weeks and encourages participants to turn innovative ideas into working applications. It brought together some big figures of Tendermint in the judges' seats: CEO Jae Kwon, Co-founder Ethan Bushman and CSO Jim Yang.
The Bytom team put forward a technical model Chainmint that is based on Tendermint consensus and combined with UTXO and CVM system, which serves as a cross-chain Cosmos Zone. In short: Chainmint = UTXO + CVM + Tendermint. (More details at the website)
The idea of Chainmint stood out from over 100 competitors and was highly-appreciated by the judges.
"It's amazing that they are trying to solve real-life problems."
In 2016, the Chinese government listed the blockchain technology in its Thirteenth Five-Year National Informatization Plan. A growing number of companies are looking for blockchain-based solutions to rebuild trust and solve industry bottlenecks. Though still in its infancy, the blockchain technology has been gaining momentum to disrupt the world. It's predictable that blockchain is well on track to change the world for better.