Korean Blockchain payment giant Terra Money has an interesting challenge for the Indian developer community. It has just announced the “Think with Terra Ideathon” in partnership with Lumos Labs, Bangalore, starting 21st September, 2020. The company aims to build a new financial infrastructure powered by a family of stablecoins, each pegged to major fiat currencies all algorithmically stabilized by Terra’s native governance and staking token, Luna.
With the launch of the Think with Terra Ideathon, it announced its plans to expand its base and build the developer community in India.
The Ideathon, that has partnered with Lumos Labs, which is a Singapore based innovation management firm that specializes in running technology open innovation programs, challenges Indian developers to push the boundaries of the realm of payments in the FinTech industry. Founded in 2018, Terra has run several accelerators and open innovation programs for international firms.
Terra’s mission is to simply set money free by building open, financial infrastructure. With emerging challenges in the payment space such as high, hidden transaction fees, integration issues, and ease of usability, the Ideathon allows developers to reinvent existing payments infrastructures using blockchain technology.
Terra is looking for concepts that:
1. Demonstrate a ground breaking Blockchain based solution,
2. Solve real-world problems in the payments industry; both business-centric and consumer-centric
3. Solves problems pertaining to the three identified tracks – Fintech, e-Commerce and Logistic tracks, that can be built on Terra during their acceleration phase.
The platform also invites out-of-the-box ideas with blockchain applications in industries outside of the identified tracks within the payments industry.
The shortlisted startups will receive rewards from a pool of INR 5,00,000, and the winning teams will be accelerated with close mentoring from leading industry experts, founders, and the global Terra team itself.
“We are excited to build, grow, and nurture a developer community for the Terra Platform in India,” Daniel Hewang, Head of Ecosystem Development at Terraform Labs, commented. “As the second largest developer base in the world, expected to overtake the USA by 2024, India possesses a huge potential to harness the blockchain ecosystem in the world and provide the much-needed impetus to redefine the payment infrastructure across verticals. The Think with Terra Ideathon is our attempt to engage and hone the ever-growing developer brainpool in India and build a robust growth centric blockchain ecosystem in India“
Recent announcements about Terra:
Terra recently announced their collaboration with prominent members from two of the leading blockchain ecosystems – Polkadot and Cosmos, to launch a new DeFi savings product called Anchor. Anchor aims to offer dependable interest rates on stablecoins deposits.
While registrations for the program are open till November 30, 2020, there’s no reason to wait. If you’d like to apply for the Think With Terra Ideathon, head to the event registration website.
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