The OBP event challenged teams with different skill sets to build banking apps to help unlock access to financial services for the people of El Salvador. TESOBE OBP, API3, Tropykus, RSK and QREDO combined their technologies to form an infrastructure for teams to use as a developer toolkit in creating their apps.
This infrastructure provided participants with the building blocks on which to build their applications.
The challenges were all aimed at creative problem solving of a variety of El Salvador’s key issues through the use of blockchain and APIs. These challenges included:
- Building the next neobank by considering how a more inclusive Bitcoin-enabled neobank might appear for El Salvador in 2022.
- Redesigning remittances: as El Salvador’s economy depends largely on money coming from outside the country in the form of high-cost remittances, this challenge was created to come up with an innovative app that would allow Bitcoin remittances to improve the lives of those who rely on such remittances.
- Helping the nation battle climate change: how can banks and crypto companies support the citizens of El Salvador in tackling climate change?
- Empowering women: women in El Salvador have to fight for their basic rights every day, and this is no different in the world of crypto. How can Bitcoin and banking data support women’s economic empowerment?
- Empowering merchants: the merchant sector is a big part of El Salvador’s economy. How can we empower merchants using open bank data and smart contracts?
Even though these challenges were specific to El Salvador, the Bitcoin Bankathon had an inclusive perspective, inviting participants located anywhere in the world. The idea arose from the belief that diversity is key to creative problem solving because it offers a holistic vision for solutions to tackle challenges by using competition.
Just as in any other hackathon, teams competed not only out of a spirit of innovation and problem solving but also for prizes. The prizes included five different categories for items such as: best overall product, best use of off-chain data (for teams using the data server over the airnode), best use of advanced technology, most visionary concept and, finally, an award for the most active social media supporter of the hackathon. Prizes were up to $50,000 USD per team, which would then serve as seed capital for the perfection and eventual implementation of their winning app.