Microsoft and a few other companies are sponsoring a contest aimed at bringing new projects to the Ethereum ecosystem.
The software giant seeks to accomplish this via contests run on decentralized platform Gitcoin, paying thousands of dollars to the top talent.
The project brings together well over a dozen firms that have joined Microsoft to offer bounties amounting to $67,000. The cash will be paid out to teams and individual developers in MakerDAO’s stablecoin Dai.
The contests begin with a two-week program dubbed the Ethereal Virtual Hackathon that precedes the Ethereal Summit scheduled for May this year. Part of the rewards will also include a chance for the top three winners to showcase their projects live online or in-person.
Microsoft leads the other companies involved in the contest with bounty offerings targeting 20 projects. One of the top bounties is a 2500 Dai reward for the winning project in developing smart contracts for the shipping industry.
A project targeting weather insurance comes with a 2000 Dai reward.
Banking giant JPMorgan is also part of the project, joining the contest via its enterprise-focused blockchain Quorum. The platform has allowed numerous projects that offer rewards worth hundreds of Dai for innovative projects that include a Metamask integration for Quorum and privacy among others.
The two-week hackathon is more than aimed at the Ethereum ecosystem, with decentralized platform Gitcoin likely to get as much attention.
The Github-based platform is tailored to provide incentives to open-source developers and has so far paid out almost $1 million in bounties cutting across an active user base of over 18,000 per month.
Bounties on the Gitcoin platform are paid out to various parties using Ethereum (ETH) or Dai.
The platform is now entering its second year and considers its work to be of great importance to the open source developer community. Gitcoin states in a Medium post published recently that the Hackathon initiative will “help funders” attract top developers for their projects.
The prospects for developers are even better considering the incentives being offered ConsenSys, with the recruitment of talent made, even more, appealing with the fact that the company is offering to fund the best projects.
The hackathon is already underway, and Microsoft’s prizes were won within the first 48 hours. It may appear late for anyone out there that is interested, but that is far from the case according to Vivek Singh, Operations Lead at ConsenSys.
He notes that there’s still a lot of time for a developer to jump straight into the action and contribute.
Interestingly, those without the technical know-how can still earn $500 in the blockchain hacking contest if they simply connecting a developer with a funded initiative.
The Ethereal Virtual Hackathon continues until April 30, meaning there is time for anyone not registered but wishes to participate.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.