September 20, 2020

Ethereum cryptocurrency enthusiasts launch HackIon hackathon in February

Ethereum cryptocurrency enthusiasts launch HackIon hackathon in February

British bank Barclays and London-based startup Clearmatics have prepared a task for the participants of the hackathon HackIon, which will be held from February 5 to 6, 2019 in London. The organizers of the event invited programmers to develop ways to connect the Ethereum cryptocurrency blockchain (ETH) to private commercial networks, for example, Hyperledger Fabric.

Barclays employee Dr. Lee Brain spoke about the hackathon’s goals:

“We want to learn connection methodsdecentralized blockchains to other networks to make them interoperable. The hackathon will give us the opportunity to experiment with the protocol of the Ion platform, created to develop cross-chain smart contracts. ”

Interoperability is an important feature.for any system that transmits data. If decentralized networks can interact directly with each other, their efficiency will increase, and users will have new opportunities. For example, Ethereum coins can be exchanged for stocks or bonds represented on the Hyperledger network.

According to an employee of the strategic departmentThe development of Clearmatics Sarah Finance, first of all, it is necessary to create communication between the ETH blockchain and the Hyperledger Fabric network, because this will strengthen the business cooperation between the two companies - the Enterprise Ethereum Alliance and the Hyperledger Foundation. Barclays bank specialists will also participate in the hackathon, but their task is to develop applications for connecting the Ethereum network to the Corda blockchain.

Ion project employees already have experience increating interoperable systems. In May 2018, they participated in the development of a project for the production of derivatives on the Ethereum network, which could then be traded on the Axoni blockchain. Last year, the company began work on interoperable applications for the Hyperledger Fabric network. With their help, it will be possible to perform atomic swaps (cross-chain transactions) between different networks. The technology will be tested in the course of simple financial tasks, in particular, foreign exchange. For the currency exchange, the concept of “payment against payment” (PVP) will be used, then the developers will check in practice another principle of monetary settlements: “delivery against payment” (DVP) for the exchange of non-currency assets (for example, securities) for currency.

To participate in HackIon you need to fill out the registration form on the Clearmatics website. Hackathon organizers will review your application and send an Eventbrite ticket code to your email.