In March 2020, with the objective of boosting the Indian blockchain ecosystem, Binance and WazirX collaborated and launched the Blockchain for India program in March 2020. With the same spirit, the duo also launched Build for Bharat – a program that was approaching its closing date for registrations – September 11. However, in a positive development for the Indian blockchain ecosystem, Binance has announced that it is extending the deadline. Build for Bharat registration is now open until 31st October.
Build for Bharat is a twofold program for startups and blockchain developers, combining both hackathon and acceleration opportunities. Initiated to bridge the gap between blockchain and mass adoption, the hackathon phase is sponsored by Google Cloud and the leading tech-companies. These include Band Protocol, Ankr cloud infrastructure, Matic Network, and Marlin Protocol. The acceleration phase is sponsored by the Polaris Accelerator Program. Polaris is a crypto-entrepreneur program to help startups build blockchain solutions with real-world use cases and provide support in terms of investments, marketing expertise, and technological know-how.
Spanning over a few months, the Build for Bharat hackathon will give creators, innovators, and startups from all over India, the opportunity to showcase their mind in working on unique and creative products utilizing digital assets and blockchain technology. Their solutions will center around decentralized finance (DeFi) like mini-tokens, micro-financing products, blockchain datasets, blockchain-AI solutions, etc. This is their first DeFi-focused hackathon and acceleration program, contributing to their vision of spreading financial sovereignty and bringing blockchain to all.
What’s in it for you?
Shortlisted startups will receive rewards from a pool of 30,00,000+ INR. Winning teams will receive acceleration (funding) via Polaris, along with close mentoring and support from Binance’s blockchain ecosystem. The ecosystem is fairly vibrant, comprising Binance Chain, Binance Cloud, Binance Launchpad, Binance DEX.
Decentralized finance, or DeFi, is an evolved version of traditional financial instruments. One can draw loans, borrow funds, trade assets, and complete complex financial transactions using DeFi. All at high speeds and low fees in no time and without a central authority’s control.
DeFi increases the capability of an individual to access and manage their financial resources without the hassle of going through layers of privacy-invading permissions.
Who can apply?
The program is inviting startups and individuals that work on Mini-Tokens, Micro Financing Products, Blockchain Datasets, Blockchain-AI Solutions, etc. to join. All projects are unique on their own, although they encourage cryptopreneurs working on a proof-of-concept, building a minimal viable product (MVP) or a blockchain-based innovative use case to participate as well. The hackathon will focus on DeFi. Out-of-the-box blockchain based projects are welcome to, Binance noted in a statement.
Build for Bharat is a three month program stretching into 3 cohorts:
- Applications are open from August 24 – October 31, 2020. The top 100 teams will be shortlisted amongst all the applications.
- In the next round, expected to last about 3 weeks, 20 finalists will move ahead to meetups and qualifier rounds.
- In the subsequent month, there will be mentoring sessions and evaluation of performances. The results of the top 5 winners shall be declared.
Visit the event registration website now and sign up for Build for Bharat!
Lumos Labs, a Singapore-based innovation management platform, is managing the event and process.