Open Campus initiates 1 million hackathon to foster innovation in educational dApp development
Open Campus, a decentralized education protocol, has recently revealed its plans to host a hackathon worth $1 million. The purpose of this hackathon is to promote the development of decentralized apps (dApps) on the EDU Chain.
A report by Worldmetrics has projected that by 2023, the global blockchain in education market will reach $1.34 billion. Additionally, it highlighted that 59% of higher education institutions are either considering or have already adopted blockchain technology.
Open Campus aims to enhance dApp development in the education sector through its Codex Hackathon series on the EDU Chain. The mainnet for this platform is expected to go live later this year.
“The EDU Chain is the first decentralized blockchain for education created by Open Campus. Its purpose is to democratize education and empower all participants to contribute to and benefit from the decentralized future of education,” explained a spokesperson from Open Campus.
The hackathon is scheduled to commence on July 8, 2024, as stated in the press releases. Prominent firms such as Animoca Brands, TinyTap, and ForbesWeb3 are supporting this event.
The hackathon will be divided into three semesters. The first semester will focus on launching decentralized finance (DeFi) and infrastructure applications. The second semester will concentrate on developing education dApps, while the third semester will revolve around creating education finance dApps and on-chain credential applications.
The event offers a prize pool of $1 million worth of EDU tokens, the native cryptocurrency of the EDU Chain. Winners will also be granted a place in a special developers cohort of the Open Campus accelerator program. This will expose them to an additional $100,000 in funding per project, as well as compliance assistance, marketing, and developer support.
The dApps developed during the hackathon will be accessible to over 500,000 Open Campus ID holders, which refers to its decentralized identifier (DID) system.
“The invitation to the Open Campus accelerator program and exposure to Open Campus ID learners expands the reach of the winning dApps and significantly enhances their potential to make a meaningful impact in the education sector through additional funding and support,” added the spokesperson.
This announcement follows Animoca Brands’ recent plans to purchase more EDU tokens from the open market. Open Campus also received $3.15 million in funding from Binance Labs in November 2023.
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