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Bear markets are for building Bitcoin (BTC) companies. At least, that’s what Legends of Lightning, a nine-week contest for competing Bitcoin businesses shows.
With 73 projects battling to win 3 BTC ($50,000), the Tournament Come Hackathon ran over 65 events around the world. In this competition, Bitcoin startups Lightsats and AgriMint were crowned winners of two of his other competition tracks, Global Adoption and Building for Africa.
Hosted by Bitcoin startup Bolt Fun, the contest brought together 260 makers (builders, developers, startups and hackers) from all over the world. Bolt Johns, co-founder of his fans and founder and CEO of Peakshift, Beharie, told Cointelegraph via Google Meet.
The idea behind the competition was to bring new makers into the ecosystem, innovate Bitcoin and Lightning, and help new or existing projects hatch ideas and turn dreams into reality. .
Additionally, the competition showcases the Bitcoin development space as a place to develop, tweak and experiment in ways that will surprise Web3 builders. Bolt Fun co-founder and senior product designer Edward Pratt said the Bolt Fun team is focused on driving Bitcoin adoption by building the company and expanding the Bitcoin community into other domains. emphasized that
The essence of it is that there is a large ecosystem of other developers. We want to play a role in pushing Bitcoin to compete for mindshare and attention at the application layer. “
As the chart below shows, Bitcoin has fewer developers than Ethereum and Polkadot. Bitcoin is by far the largest and most recognizable cryptocurrency, but data suggests that Bitcoin is not a field where developers and builders flock.
Despite Pratt and Beharry providing the only decentralized infrastructure Bitcoin is worth building on, the Web3 ecosystem, including Ethereum (ETH), Solana (SOL), Polkadot, and Cosmos, is one of the few ways Bitcoin is built. It concludes that it is pulling interest and talent away from the space. The Legends of Lightning competition is an attempt to remedy the situation and highlight the richness and depth of opportunities to build Bitcoin.
Solana Hackathons offer huge prizes, with over 350 projects pitched for the $5 million treasure chest this summer. In response, the winner at The Legends of Lightning gifted his 3 BTC ($50,000) to his one of 73 competing projects. This is 1/100th of the total prize pool.
Pratt continued, It shows the difference between the Bitcoin ecosystem and other ecosystems such as Solana. and compete for developers.
There is certainly a lot of activity. [in Bitcoin] However, Bitcoin has not yet seen so much originality. “
Interestingly, contest winner Lightsats built a project based on an idea shared in a tweet by Bitcoin entrepreneur Brad Mills. The tweet set off a lightning chain reaction for Bitcoin creation. Within weeks, Lightsats built a “Precoiner Onramp Project”, submitted it to the team at Bolt Fun, and won the Global Adoption competition.
won! I’ll frame it! Where it all started! pic.twitter.com/wLC6Yd8ica
Lightsats (@Lightsats21) December 7, 2022
Pratt explained that one way to get more people to join and build on Bitcoin is to reach out to developers working in other ecosystems. We want to target people who are around cryptocurrencies and he Web3. is the problem.
RELATED: Bitcoin Proponents Raise Bitcoin Awareness Over Lightning Network
Beharry joked that it could happen naturally. Your web3 platform is offline. Bitcoin will fix this, referring to the many occasions when the Solana blockchain simply fails.
The Legends of Lightning team hopes to repeat this event every year with more prizes, more participants, and more creativity. The goal is to reach 1,000 participants next year. This is quite a leap from our current position.
