ErgoHack VIII: Ergo as a Smart Layer

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Ergo Platform

April 24, 2024

Ergo’s Next Hackathon Takes Place May 25 - June 2, 2024

Now that the Bitcoin halving has transpired, what’s next for the crypto industry? Bitcoin has more than proven to be a worthy store of value over the last 10 years. Over that same period of time, new blockchains have launched, offering various promises of high-end speed and/or security. However, in an effort to be the next big thing, many crypto creators have succumbed to hype marketing and a need for blazing fast transactions.

If we have learned anything over the last several years though, it’s that newer and faster does not necessarily mean better. In numerous instances, many of these blockchain networks have suffered from expensive gas fees, failed transactions, network downtime, and security breaches.

Bitcoin has never been hacked, and it has never experienced network downtime. This should be the industry standard and anything less is not acceptable when it comes to the security of your money. Smart contract platforms need to be secure, first and foremost. If Bitcoin is the standard, then smart contract platform designs need to be interoperable with that blockchain.

The Ergo Platform provides the solutions the industry needs for easy and secure interoperability with Bitcoin. Its Proof of Work and eUTXO design are inspired by, and modeled after, Bitcoin. Through thoughtful and collaborative research, open source development, and a humble desire to build a blockchain that betters our lives with secure and fair economic tools, Ergo is the perfect smart contract network to complement Bitcoin’s existing infrastructure and store of value. Through the extensive efforts of the Rosen Bridge team, Ergo is now positioned to be a cross-chain hub, whereby swaps between multiple chains (including Bitcoin) will be possible with all the security and smart contracts performed on the Ergo blockchain.

Interoperability will unlock the greatest potential of the blockchain industry. Meme coins and NFT’s have brought entertainment value to crypto, but true adoption will come with the ability to allow people to use their money freely and securely through blockchain.

With ErgoHack VIII, the Ergo Foundation calls on Bitcoin and Ergo researchers, developers, and entrepreneurs to build and design products that enable new levels of interoperability between the two blockchains. Prospective participants are encouraged to consider some of the following ideas for inspiration:

  • Ergo’s eUTXO design as leverage for Bitcoin compatible smart contracts.
  • The development of Bitcoin-backed stablecoins on Ergo.
  • The development of Ergo DeFi applications that use and integrate Bitcoin.
  • Utilizing Ergo Sigma Protocols and zero-knowledge proofs as a way of bringing new levels of privacy to Bitcoin.
  • Lending and Borrowing platforms that leverage Bitcoin and Ergo assets.
  • Yield farming and liquidity mining for Bitcoin and Ergo holders.
  • Leveraging Ergo’s Rosen Bridge for cross-chain functionality and the development of dApps that integrate the bridge.
  • Other interoperability solutions such as Bisq 2 integration
  • Bitcoin-backed NFTs
  • Indexer or other interoperability solutions for Runes and Ordinals.

These are just a few examples of what participants might explore building. If you have your own inspiration for a project that explores the intersection of Bitcoin’s and Ergo’s interoperability, you are highly encouraged to submit an application.

Prize Pool

1st Place - 9k SigUSD
2nd Place - 5k SigUSD
3rd Place - 4k SigUSD

Judging Criteria

All project proposals and final submissions will be judged by the following criteria:

  • Innovation and originality
  • Technical execution and code quality
  • User experience and design
  • Potential impact on the Ergo ecosystem
  • Alignment with the theme of integrating Bitcoin

During the hackathon, participants will have access to online materials and guidance from several prominent developers in the Ergo ecosystem. Additionally, winning projects will have continued support from developers as they continue to build their proposals into viable products.

For more details and access to the application form, please visit the ErgoHack website.

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