As per the latest reports, the Harmony blockchain has made a promising announcement for the entire crypto-blockchain developing community. The firm has announced that it is launching a new hackathon. The firm has revealed that it has already opened the hackathon’s registration window.

According to the Harmony blockchain, the hackathon has been set to start from the month of August 2021. Details around the hackathon reveal that a decent amount will be dedicated for the participants of the hackathon as well as for the seed funding. As per the users, Harmony blockchain has dedicated $1 million worth of funds for the hackathon.

The announcement around the launch of the hackathon was made by Harmony on Thursday, July 15, via the platform’s Twitter profile. The hackathon is aimed at bringing more people from the traditional finance sector over to the decentralized finance (DeFi) sector

The hackathon would serve as a bridge between the decentralized finance (DeFi) sector and the traditional finance sector. It would provide an opportunity for the traditional finance operators to come up with innovations and new ideas for bridging the gap between the two finance sectors.

Any entity with an idea and innovation surrounding the bridging between traditional finance and DeFi is welcome to register for the hackathon. During the hackathons, the individuals or the companies will be put to the task of overcoming challenges from the DeFi as well as the traditional finance space.

The firm has announced that the hackathon will be based on four types of challenges and the participants will be given each one of them to overcome. The firm further clarified that there would be three different categories where the participants will be facing four challenges in each category.

The first category would be cross-border with fintech integration. The second category would be the cross-chain and trustless bridges. The third and the last category would be the social wallets and keyless security.

The executives at the Harmony blockchain talked about the importance of the latest hackathon initiative they have taken. According to them, finance is one of the major sectors where blockchain technology fits the most. This is exactly what the reason was behind the foundation of a blockchain system, which was to provide an alternative to traditional financing.

They stated that the decentralized finance (DeFi) has undergone a tremendous amount of reforms and changes ever since it was founded back in 2017. However, there was always a disadvantage, which was that the decentralized finance (DeFi) was handled by people that had no prior experience in the traditional finance sector.

Therefore, there was a dire need that them had direct input and collaboration from the traditional finance sector. The hackathon would focus more on the input and contributions from the people belonging to the traditional finance sector.