EOS Unveils $1M Seed Funding Program at Sydney Hackathon

EOS’ venture business arm will invest $1 million in DApps created by participants in the EOS global hackathon, as announced at the Sydney hackfest.

Participants in the EOS-organized global hackathon can get $1 million in seed funding from EOS VC to develop decentralized applications (DApps), the venture capital firm disclosed at the Sydney hackathon held last weekend.

The funding initiative, dubbed “Hack. Pitch. Launch.”, is set to invest $50,000 in five teams from each of the four hackathon stages, EOS protocol launcher Block.one said in a press release on Sunday.

“Kicking off the ‘Hack. Pitch. Launch.’ program in Australia will leave behind a footprint of investment that will increase the number of innovative DAPPs on the EOSIO blockchain. We’ve seen many interesting ideas this weekend and we are excited to announce the first round of investments in the coming weeks,” noted Block.one head of VC Brian Mehler.

The Sydney hackathon was the second competition event run by EOS, following one in Hong Kong that took place in June. With the purpose of exploring the possibilities of the EOS network, the Sydney hackathon saw over 50 teams from different parts of the world compete to build DApps that help sustain natural environments.

Three Australian teams received the top awards. The first prize of $100,000 went to SmartPress for a DApp meant to enable Australians to design and deploy smart contracts even without substantial coding and technical experience. GreenKeep won the second prize of $25,000 for a blockchain app seeking to limit food waste by managing the supply chain. The third prize of $10,000 was awarded TokenTree for an app allowing millennials to nurture and track lifecycles in order to combat deforestation in Australia.

“Blockchain technology has shown its potential to be a game-changing technology in the corporate world, however, its potential extends far beyond business. The results of today’s event show its capability to be beneficial to our environment and society as a whole,” commented Block.one president Rob Jesudason.

EOS will organize a third competition event in London on September 22-23, while the location of the final hackfest is still unknown.