Indian crypto exchange Giottus announced its upcoming Web3 hackathon in India named ‘Block Bash’ on Thursday, August 8. The exchange has teamed up with Crewsphere, a homegrown layer-1 blockchain focused on decentralising the modern Internet. The hackathon aims to tap into India’s Web3 talent, showcasing the country’s skilled developers who have the potential to drive the growth of blockchain technologies such as DeFi, cryptocurrencies, NFTs, and the metaverse.
A total amount of $10,000 (roughly Rs. 8.40 lakh) has been delegated to be distributed among the winners.
“The first grand prize is $2,000 (roughly Rs. 1.67 lakh) and the second prize is $1,500 (roughly Rs. 1.25 lakh). The other prizes are: third prize: $1,000 (roughly Rs. 83,954); fourth to tenth prizes: $200 (roughly Rs. 16,790) each; and 11th to 51st prizes: $100 (roughly Rs. 8395) each,” the company declared in its official statement.
As part of this hackathon, the participants will have to choose one out of eleven pre-decided problems and develop solutions for it using the CrewSphere blockchain. The submissions will be evaluated by a panel of members from Giottus and the official India Hub of the Internet Computer Protocol (ICP).
“The problem statements range from SocialFi applications, DAO tooling, privacy-focused applications and RWA DeFi protocols to E-commerce and fintech,” Giottus noted.
Describing the eligibility criteria for those interested in participating, Giottus said, students and developers who have completed their KYC with the exchange can go ahead. A pre-qualifier quiz round will filter finalists entering the main competition. People can attempt to clear the pre-qualifier till September 25.
The competition, which will be held completely online, will begin on September 1 and will culminate on September 30. Winners will be announced at the end of the hackathon.
As far as ICP Hub India – Crewsphere is concerned, the blockchain team has been conducting similar hackathons in India for a while now. In 2023, for instance, the platform had reportedly taken the initiative to organise the Sankalp Web3 Tour as well as the ICP Hackathon where the total prize money was $100,000 (roughly Rs. 83.9 lakh).
Blockchain-related hackathons are seen as educational and awareness initiatives by the Web3 industry. Earlier this year, Indian crypto exchange CoinDCX had also said it will be running similar events and use its venture arm to invest in the best teams emerging from these hackathons.