Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
DFINITY Foundation recently concluded a bounty at ETH Denver 2024 that brought together 20,000 developers from around the globe, tasked with pushing the boundaries of the Internet Computer Protocol (ICP) through innovative decentralized applications (dapps).
The event was divided into two distinct tracks: “Extending Ethereum with ICP” and “Open Bounty: ICP is Awesome”, both aimed at exploring the vast potential of ICP to solve real-world problems and enhance the blockchain ecosystem.
Track Breakdown and Winning Projects
ETH Denver 2024
Extending Ethereum with ICP
This track challenged participants to bridge the functionalities of Ethereum with the Internet Computer, creating solutions that leverage the strengths of both platforms. From integrating smart contracts to enhancing cross-chain capabilities, developers were tasked with demonstrating how ICP can extend Ethereum’s capabilities in novel ways.
1st Place: Global Mile
Awarded $10,000 USDC for their cross-chain dapp. The team utilized threshold ECDSA for key management and fetched EVM on-chain data through HTTP outcalls.
The problem Global Mile solves
From their website:
“More than half of the whole working force on the planet doesn’t care about crypto.
These people care about getting their hard earned money in their bank accounts so that they can cash it for their daily needs, so we have a gap between the crypto assets and more that half of the world population.
…we found a big opportunity in an unexplored industry, the shipping services.
Every day, millions of packages are delivered all over the world through last mile delivery services. The companies running this section of the value chain work with inefficient processes, due to the lack of drivers and tech.
Using blockchain technology we can solve 3 main problems of the last mile value chain.
Decentralize the drivers from the companies, allowing for a bigger task force to reduce the gap between supply and demand ensuring a greater amount of daily package deliveries.
Immediate payments to the drivers delivering the packages.
Using HTTP Outcalls from the Internet Computer we can deliver the payments to the drivers using under the hood deposits directly onto their bank accounts, so that they never hear the “crypto word”, onboarding them with a seamless experience.”
2nd Place: Token Magician
Awarded $5,000 USDC for their multi-chain token deployer.
The project impressed with its use of threshold ECDSA, execution of transactions from within a canister to any EVM chain, and its clean, open-source code with a solid use case.
The problem Token Magician solves
From their website:
“Traditional methods of deploying tokens on different blockchain networks often involve complex and time-consuming processes. The Token Magician Deployer offers a user-friendly, secure, and efficient solution to create and deploy tokens across various blockchain networks. It simplifies complex processes, promotes interoperability, and enhances the overall accessibility of blockchain-based tokenization”.
3rd Place: Investly DCA
Awarded $2,000Â USDC.
This cross-chain dapp, developed by Orally, focuses on integrating with Orally but serves as an exemplary use case. It features threshold ECDSA for key management and has its canister ID deployed.
The problem Investly DCAÂ solves
From their website:
“Investly tackles several key challenges in the cryptocurrency investment landscape:
- Mitigating Market Volatility
- Enhancing User Autonomy
- Non-Custodial Control:
- Reducing Transaction Costs
- Gas-less Transactions
- Streamlining Investment Processes
- Automated Investments
- Customizable Investment Strategies
- Flexible Options
- Empowering Informed Decisions
- Market Accessibility
Investly addresses the need for a user-centric, cost-effective, and automated investment solution in the volatile cryptocurrency market, promoting a more disciplined and strategic approach to building wealth over time.”
Open Bounty: ICP is Awesome
This track was an open invitation for developers to showcase how they can use ICP’s unique features creatively. The aim was to highlight projects that could demonstrate the practical utility of ICP in various applications, pushing the boundaries of what’s possible on the blockchain.
3rd Place: PROVENANCE
Awarded $1,000 USDC. The project is a testament to the versatility of ICP, featuring a smart contract built on the Internet Computer with deployed canister ID and open-source availability.
The problem PROVEHANCE solves
From their website:
“Provehance bridges Open Banking with blockchain technology, allowing users to generate verifiable, privacy-preserving proofs of financial data from real-world banks in the blockchain, in a SBT format. This innovation offers a secure, transparent solution that maintains user privacy while providing reliable financial verification, bridging the gap between privacy concerns and the necessity for financial transparency in digital and decentralised environments.
Here are some useful Provehance features:
- Proof of Reserve
- Proof of Regular Payment &Â Fidelity
- Creditworthiness Proof
- Transaction Authenticity Proof
- Income Verification Proof
- Asset Backing Proof”
Celebrating Innovation and Collaboration
The bounty not only highlighted the technical prowess and innovative thinking within the ICP developer community but also underscored DFINITY Foundation’s commitment to fostering a vibrant ecosystem for decentralized applications. By providing a platform for developers to experiment and innovate, DFINITY continues to pave the way for the next wave of blockchain technology, bridging gaps between existing platforms and exploring new possibilities within the Web3 space.
Congratulations to all the winners and participants who showcased their projects. The creativity and technical skill displayed at the event are a promising indication of the future of blockchain and decentralized applications.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.