Ether.Camp, the organizaiton behind the biggest blockchain hackathon out there, has recently announced the launch of hack.ether.camp, an Ethereum-based Virtual Accelerator and a crowd funding platform designed to turn ideas into successful startups by leveraging the wisdom of the crowd in a tokenized enviroment.
“We wanted to build something that’s truly valuable for the whole community. We’ve created a platform that democratises opportunity for everyone, from entrepreneurs gaining access to early funding through to anyone in the community gaining access to investment opportunities” Roman Mandeleil, the CEO of Ether Camp
The hackathon is a five week event and it begins on November,17th. Contenders are allowed to share their ideas and to form a team, or “Camp”, around this idea in order to develop it. The platform provides an open stage for teams to display and share their work, so that the whole community can see how they progress, while getting feedback from a panel of experienced judges. Early adopters will test the prototype and express their interest in the product by funding it with Hacker Gold (HKG) during the hackathon.
Hacker Gold will be the official token of the Ether.Camp Virtual Accelerator, it will be available during a crowd sale from October 20th until December 21st. Hacker Gold will only be issued once, and 100% of the total supply will be distributed to investors. The funds gathered during the Crowd Sale will be used to fund the development of the hack.ether.camp platform.
HKG allows early adopters to acquire tokens issued by the individual startups during the hackathon event. The tokens initiated by startups will be listed on the virtual exchange that is part of the hack.ether.camp platform. These tokens carry preferred voting rights, meaning that startup token holders can choose which ideas to allow the funds to be released for, or in extreme cases, which team member should be replaced.
During the five week hackathon, startups will be evaluated by a panel of Judges and by the community. Each judge has access to 1000 Kudos (voting token), and each community member has a maximum of 210 Kudos to attribute to startup developers.The voting is done by a blockchain transaction signed with the person’s identity so that it’s transparent and traceable. This is done through an Ethereum smart-contract called “Project Kudos”. The startup with the most Kudos will go on to win the hackathon and take a $50k prize home which can be used to further develop the project.
After the hackathon, the most successful startups will be allowed to issue five times the amount of tokens issued during the hackathon. The tokens will be available to the general public directly for Ether. Startups tokens issued after the hackathon do not come with voting rights.
Hacker Gold will also be the fuel for every future Ether.Camp hackathon and after the crowd sale the only way to get it will be through an exchange. The value of Hacker Gold will be linked to the success of the platform and its ability to produce successful products, which is an incentive for users to invest in HKG in order to acquire startup tokens as an early investor and to participate actively in these startup’s governance.
To summarize, we have the hackathon that is a competition evaluated by a panel of Judges and fans, in which the winner gets a $50k prize in Bitcoin or Ether. We have the hack.ether.camp platform that will be used to test the startup’s product and to fund their development with HKG, which means that even if a startup doesn’t win the hackathon, it can still get funding to further develop their projects.
To learn more about the Virtual Accelerator and the Hacker Gold Token, you can read the whitepaper here.