A few weeks ago, Bitcoin wallet provider and exchange platform, Coinbase, announced it would host their second annual Bithack event. The main objective of such an event is to bring in teams of developers who can come up with innovative uses of blockchain technology. And the winners of BitHack V2 are all working on some very interesting projects to keep an eye out for in the near future.
Lots of Interest in Blockchain Technology
It goes without saying that blockchain technology is a very hot topic these days. Not only are some of the world’s leading banks and financial institutions working on their blockchain implementations, but it also spurs new interest from a developer point of view. And that interest was clearly visible, as BitHack V2 saw the registration of over 300 teams from all over the world.
With such a large interest also comes a hard decision to make for the judges, as not every project submission can be deemed as valid. When all was said and done, 12 countries were represented, totalling up to 84 qualified projects to bring blockchain technology to everyday consumers.
One of the major reasons as to why a lot of projects did not make the finals was because BitHack V2 had one major requirement. All submissions had to be able to build payment applications before Bitcoin, and not all developers managed to complete that task.
Additionally, there was one major project that was disqualified by the judges. Streamium, albeit receiving top marks and praise from all judges, had to be removed from the winners list due to starting work before the BitHack V2 start date. That being said, four projects won prizes, and all of them bring something unique to the table.
The BitHack V2 Winners
First place in the BitHack V2 contest went to Mailman, an email paywall system allowing users to reward timely replies with BTC, as well as filter spam messages by using blockchain technology. At the time of publication, Mailman is still in its alpha stage, but interested users can sign up on their website to receive access. Because this project finished on top, the team will receive US$10,000 worth of Bitcoin and a place in Boost VC’s accelerator class.
Second place in the BitHack V2 contest – along with a prize of US$5,000 in BTC – went to SatoshiPay, a new platform that will allow nano payments for content creators. Similar to how a paywall works for mainstream media, SatoshiPay allows readers to pay for the content they are interested in, rather than getting access to the entire website. Other implementations include paid downloads and metered payments for media streaming.
Bitcoin is a powerful tool to disrupt the current remittance market, as the transaction fees are much lower compared to services like Western Union. Rebittance is a remittance-with-Bitcoin payment network, allowing users to find and transact with cash-out partners all around the world. Rebittance ended up in third place, and will receive US$3,000 in BTC.
Last but not least, there is a project called BlockchainME, offering a tool for creating verifiable ID’s on the blockchain. To prevent the illegal use and distribution of ID’s, BlockchainME will use digital currency’s encryption layer, effectively preventing counterfeiting, skimming and other malicious activity. The BlockchainME team will receive US$1,500 worth of BTC.
Source: Coinbase Blog
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