The Importance and Benefits of a Hackathon in 2022

Hackathons are events in which teams of programmers compete to see who can produce a project with the most interesting or unique use of a certain topic in the shortest time.

Hackathons usually have objectives around an industry or sector, with developers building products such as educational software, blockchain applications, privacy programs, etc.

It is essentially a competition in which developers are challenged to create an application quickly. For example, some hackathons have a 48-hour time limit.

When developers take part in hackathons, they are sometimes split into groups that compete with each other to complete the task.

Hackathons are sometimes issued due to a need for an organization to improve its product, add new features, or create a new one entirely.

The participants could develop anything from mobile apps to business-class software, depending on the organization's goals. 

In some cases, actual "hacking" may be requested by an organization to identify any weaknesses in its products or systems.

In this case, the participants will be tasked with identifying and exploiting any existing vulnerabilities the organization may not be aware of.

These hackathons provide a technical challenge for eager programmers and foster an environment in which developers of various specializations may network and share knowledge under the pressure of a limited period of time. 

Inaugural Web3 Hackathon Winners Receive $1 Million in Prizes and Grants from Klaytn Foundation

Klaytn Foundation, the non-profit overseeing growth of the Klaytn ecosystem, has announced the inaugural winners of Klaymakers22, the blockchain’s flagship web3 hackathon. Nineteen teams walked away with over US$1 million of prizes, sponsor bounty challenges, and grant and incubation opportunities.

The inaugural Klaymakers22 hackathon was conceived to celebrate the web3 innovations being fostered on the EVM-equivalent network. In addition to engaging existing web3 developers, the hackathon served to onboard web2 developers to build use cases on Klaytn.

Going beyond the traditional confines of a hackathon, which gathers developers for a few days, Klaymakers22 also provided free business and technical workshops with a total attendance count of 22,948, access to Klaytn’s developer community via Discord, as well as six additional bounty challenges sponsored by Klaymakers22 hackathon partners.

Between August 29 and October 14, 174 submissions were made by teams building on Klaytn. At a virtual ceremony on November 18, 12 winners were announced, with use cases ranging from decentralized art generation to DAO creation and management without requiring prerequisite coding knowledge. Three of the hackathon winners, alongside an additional seven teams, received special mention for winning the bounty challenges.

Dr. Sangmin Seo, Representative Director of Klaytn Foundation, said: “Our vision for Klaymakers22 has always been to grow the vibrancy of Klaytn’s developer community, convening bright minds worldwide to solve real-world problems. Through Klaymakers22, we’re pleased to incubate new ideas and provide a safe, helpful environment to turn such ideas into reality. We look forward to seeing how our winning projects will scale, contributing to the ease of building on Klaytn.”

Klaymakers22 was organized in partnership with Dorahacks, a leading global hackathon company connecting hackers to enterprise challenges and entrepreneurial ideas. 

Steve Ngok, Partner, DoraHacks, said: “We are glad to join forces with Klaytn Foundation to support innovation, exciting fund ideas, and help global developers build their startups in Web3. We hope the teams graduating from Klaymakers22 will play essential roles in the Klaytn ecosystem. We look forward to extending our collaboration and introducing the powerful features of the Klaytn network and the strong support from the Klaytn ecosystem to more brilliant teams shortly.”

Senior representatives from Klaytn and its hackathon partners conducted the first round of judging. This resulted in 20 finalists being selected and tasked with pitching their builds via live demo sessions to the judging committee before the 12 winners were determined. Submissions were judged on criteria including originality, execution, and usefulness.

Internal Hackathons

Internal hackathons are competitions set by an organization or company, where the employees engage in a competition that can span a few hours or even days.

For example, employees can be tasked with developing new features for an existing product, creating prototypes for a new product, and more.

Employees may be split into teams, with the winning team receiving a reward for their efforts, such as having the idea put into action by the organization.

Contrary to external hackathons, only the organization's employees can take part in these hackathons.

External Hackathons

External hackathons are programming competitions that are open to individuals who don't belong to the organization. Essentially, the competition is open to anyone with the skills to participate. 

Organizations may run external hackathons to scout for new talent and publicity or to discover new and exciting product ideas. These are the more well-known hackathons since they attract more media attention.

The Benefits of a Hackathon

Developers who participate in a hackathon can showcase their programming skills to people who can promote (if the hackathon is internal) or hire them (if the hackathon is external).

Participants can also have their ideas made into actual products, systems, or services. Cash prizes are another potential benefit for participants in hackathons.

Participants in a hackathon also have the chance to learn new skills by working alongside other programmers. Mentors can also advise participants, which can help build or improve their skill sets.

Being involved in a hackathon puts developers around other people who may share the same passion and ambitions, making it a great opportunity to network.

In addition, hackathon organizers and mentors within the program are another networking opportunity, especially if the participants create a product, system, or service that stands out.

Conclusion

Hackathons can benefit the organization and the participants in many ways. It's a good way to find new talent, develop new ideas and products, and improve publicity for an organization.

For developers, hackathons are a great networking and skill-building opportunity. Developers also have a chance to have their developed programs built into actual products or services.

Developers need to team up with individuals who share the same drive they have if they plan to succeed.

Participating in a hackathon is a good way to meet others with similar interests and people with the resources and connections to take a developer to higher places.