The Bitcoin Cash project recently concluded its game changing Hackathon that was held in Amsterdam on the final weekend of October. Keen enthusiasts of this crypto coin are optimistic that the results of this event will improve the fundamentals of this project besides the short-term bearish trends this year. However, BCH has maintained a top 5 market cap position & currently comprises 3.59% of the total crypto markets. The question is therefore whether such events & blockchain hubs will change the prospects of crypto projects in 2019?
Over the weekend, BCH Hackathon attendees engaged in various activities organized by the project’s marketing team. Most of the focus was on leveraging the BCH network for other developments on the platform. The event highlighted two main layers that will probably enhance the capabilities of BCH in future; Wormhole & the Money Button. Both developments received attention from the developers, entrepreneurs, designers & programmers that were present at the event.
The attendees formed teams on spot to compete in creating BCH & ETH based Decentralized Apps with an incentive for the best innovations. Basically, the competitors had to start from nothing to build DApps using a new BCH OP code in order to find solutions that can accommodate large blocks at once. Furthermore, they also made contributions to the Bitcoin Cash smart contract dev as well as the wormhole protocol. At the end of the event, there was a winner ‘Team Panda’, whom were focusing on more tools to facilitate DApps creations within the Bitcoin Cash Network.
Organizers of the Hackathon event gave the competitors a span of 32 hours to come up with their best BCH-related innovations. Besides the competitions, attendees were able to mingle through workshops, playing games & brainstorming. Prominent figures within the blockchain & crypto sphere graced the event; Vincent Everts is one of the popular names that was present. In addition, entities like Bitmain & the Rotterdam Blockchain Community also came through to make the event happen.
The Fundamental Prospects of BCH from the Hackathon Event
History has taught the crypto community that only through pulled efforts can the altcoins be adopted & made better for consumption as worldwide currencies. Bitcoin Cash is clearly up to date with this Memo after its successful Hackathon. From a fundamental perspective, the event helped the team make progress on its money button & wormholes Apps.
The participating teams worked to bring more innovations to help BCH link more of its target market as blockchain & crypto take over the Fin Tech arena. BCH users will be able to leverage Money Button to transact digital currencies at fast speeds without the risk of a malicious reversal. Ideally, retailers will be able to receive payments using the BCH altcoins within a few minutes worldwide.
On the other hand, Wormhole, being built as an additional layer to the BCH blockchain platform will help improve this ecosystem greatly. First, the platform users will have a smooth network operation ensuring that their requests are executed accordingly. In addition, the layer provides more security & scalability prospects for interested BCH DApps creators. Just like the Money Button, Wormhole, is also meant to enhance the time span within which transactions are confirmed.
It is therefore within speculation to place BCH as a favourable competitor for the likes of Ethereum after the Hackathon event. However, these fundamental milestones might take a while before full implementation for price reactions.