Genesis Hack, a hackathon organized by International Blockchain Congress (IBC) currently has some very exciting developments. The hackathon kickstarted in November last year and will continue till March-April 2019. We reached out to the Chief Executive Officer (CEO) of IBC Media, Raghu Mohan, and found out more about it. Take a look below:
Q1. Could you please explain what the Genesis Hack is all about to our readers?
India’s contribution to the blockchain world will come in 2 areas –
1) Our untapped retail investor base (currently at 54 million)
2) Our technology prowess (6 million developers)
Currently, uptake of blockchain development in the country is very less, despite our numbers. We have anywhere between 5k – 20k blockchain ready devs. If we are to be a blockchain powerhouse, that has to change. This is why we’re doing Genesis Hack. It can be best described as a developer program which does the following –
1) A 6-month long hackathon that will have over 65000 developers participating.
2) 10 small-scale events (~200 participants) across every IT hub in India.
3) Several online mentor sessions for the extended Blockchain community
4) 1 mega Blockchain developer event in Jun 2019, featuring the top blockchain technologists from the world.
5) A nationwide survey chronicling the state of blockchain developers in India
The final event in May 2019 will also have a pitching session, where the best teams will fight it out for huge prizes at the finals.
Q2. Can you explain a little more about the market opportunity? How exactly would the winning team’s product be marketed to the interested investors?
The market opportunity is huge. Given India’s software services orientation, you won’t find their predictions of 200 million revenue from blockchain surprising. However, the idea of creating a product company is in the minds of many an entrepreneur. This is one of the reasons why we have such big prize money – to give the developers some freedom to build their products.
Some of our corporate sponsors are very interested in incubating some of the solutions that emerge from the hackathon. The outcomes are several – acquisition of talent/solutions, incubation, funding. We’re honestly not looking at the outcome here. Builders are few and getting our developers to build is our focus.
Q3. Given the large amount of the prize money, can you tell us if it is being sponsored by one sponsor or more than one? If so, can you name the sponsors?
All sponsors are contributing to the prize money. Large chunks are mainly coming from Nucleus Vision, Eleven01 and IBC Media. Over the next weeks, several big names will be added to the list, who will help India become the world’s biggest blockchain hub.
Q4. Can you tell us which state governments you are working with, apart from the governments of Andhra Pradesh and Telangana?
We are in late-stage talks with several central and state government bodies. Nothing official yet, but in a few months, we will have over 20 government bodies working with us.
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