Holding $1 Million Dexathon For Decentralized Exchange
Hackathons existed long before the development of cryptocurrencies and blockchain technology. They typically were events of varying length where tech minds accumulated around to brainstorm ideas and proffer answers to nagging problems within their businesses. However, like almost everything in the world of tech and finance, blockchain technology is causing a revolution.
There’s been an explosion of blockchain hackathons over a previous couple of years. Many have been in the shape of competitions that invite individuals or teams to take part in creating cutting-edge blockchain technology solutions.
Binance, the cryptocurrency exchange platform giant is set to become the next blockchain enterprise to organize a hackathon. This advancement was created with a post on the company’s Moderate accounts on March 16, 2018. The hackathon, dubbed the Binance Dexathon, intends to ease the evolution of the organization’s own decentralized exchange (DEX) platform for cryptocurrency trading.
#Binance Dexathon#Decentralized Exchange #Coding #Competitionhttps://t.co/tRO3TIrxrY
— binance (@binance_2017) March 16, 2018
Binance currently runs one of the biggest centralized cryptocurrency exchange programs on the planet. Now they are trying to create a stronger connection the crypto community at large.
Details of the Dexathon
The Binance Dexathon is mainly a coding contest which seeks to promote gifted programmers and blockchain experts to submit execution protocols which could allow the introduction of a fully working DEX. The entire prize money for the hackathon is $1 million to be paid at BNB Assets, the native cryptocurrency of this Binance crypto exchange stage.
In its bid to construct a robust-functioning DEX platform, the business is embracing an “all-hands-on-deck” strategy by soliciting and accepting outside prototypes to match the inner R&D being performed in the provider. While announcing that the Dexathon, the company detailed a variety of pertinent parameters which the DEX prototype should have. A number of these parameters were predicated on the core problems which have been impacting the performance of present DEX platforms.
To those seeking to take part in the Dexathon, the business has stated they ought to place more focus on speed and simplicity, instead of on fancy features that could interfere consumer experience.
Participants can opt to produce their protocol implementations from scratch or fork a present blockchain execution and put in in the required modifications. Participants who choose to choose the fork path must guarantee they aren’t in breach of any licensing or copyright laws.
It’s expedient to point out there are a few DEX platforms which currently exist. Issues concerning restricted liquidity, lack of systems that are intuitive, and order publications which don’t incorporate a huge selection of electronic assets have exacerbated the popularity of several DEX platforms.
Despite these problems, there’s still a whole lot of effort being put into creating entirely operational DEX platforms. This attention is since Binance, Coinbase, Kraken along with another popular cryptocurrency exchange programs are all centralized. The centralization of exchanges signifies that traders/investors must entrust their capital, crypto, and fiat, to third party intermediaries so as to exchange digital resources, coins, or tokens. This really is in stark contrast to the inherent philosophy of this blockchain, which attempts to remove intermediaries out of the trade.
There’s also the problem of centralized exchanges being exposed to hacking as was observed in many of high-profile cryptocurrency hacks. The DEX system is believed to provide more robust security choices.
Bitcoin is the most secure financial network on the planet. But its centralized peripheral companies are among the most insecure. pic.twitter.com/0rxLtXscNJ
— Nick Szabo⚡ (@NickSzabo4) June 18, 2017
Interested participants at the Binance Dexathon have until June 30, 2018, to publish their own entries. Teams who submit prior to the deadline may continue to change their submission up prior to the contest’s deadline. Binance may also supply member(s) of this winning group(s) employment. University teams will also be invited to use since any qualifying university group is going to be provided a $10,000 grant whether or not they win the award throughout the contest or not.