Microsoft the world’s leading software giants who have recently touched the $1 Trillion market cap has decided to fund the Ethereum(ETH) network. The software giants have decided to pay anyone who can come up with innovative ideas and solutions in thousands of dollars during the recent Ethereal Virtual Hackathon, a 2-week contest running from April 15 to April 30.
Ethereum network has been focused on enhancing its ecosystem and making its network more smart contract friendly as well as compatible with decentralized applications (Dapps).
$67,000 Worth of Bounty Up For Grabs
Microsoft is not the only firm that is going to offer lustrous bounties to participants who come up with innovative ideas. Apart from Microsoft, there are dozen other teams offering bounties amounting to a total of $67,000. The bounty amount will be available in Dai stable coins to the winners of the Ethereal Virtual Hackathon.
The Hackathon to develop the Ethereum ecosystem will be hosted on the decentralized platform Gitcoin, a common platform for open source projects. The leading sponsors for the programme apart from Microsoft include ConsenSys Labs, which is a venture arm of the Ethereum network. The aim of the current Hackathon event is to lure ambitious and talented developers to help them evolve the Ethereum ecosystem and give them attractive bounties in return.
Vivek Singh, the operational lead at ConsenSys’ said,
“[ConsenSys Labs] has put up a few bounties in the vein of rethinking the lending market, and thinking about a peer-to-peer lending and a decentralized credit score system.”
Microsoft is Leading With 20 Bounty Projects
Among the dozen companies offering various bounties, Microsoft is leading with 20 bounty projects up for grabs. Microsoft sponsored bounty programmes includes the development of smart contracts for supply-demand chains and shipping containers and a project for weather insurance.
The Ethereal Virtual Hackathon is definitely going to boost the Ethereum ecosystem, but apart from that, the current event will also help the decentralized platform Gitcoin grab some spotlight from the current event. Gitcoin in its two years of existence has already paid out nearly $1,000,000 in bounties to over 18,000 monthly active users.
Gitcoin in a Medium post explained their mission behind hosting the Hackathon event, the blog post read,
“Recruiting talented developers that you want to work with is a challenging process. We’re providing this service to the community to help funders bring developers onto their team.”