LONDON (Bywire News) - An innovative solution that allows users to create instant new online communities has scooped first prize at the Beyond the Blockchain Hackathon.
Dao Bull’s decentralised autonomous organisation platform enables any user to set up their own network within a few minutes.
The app is tailor-made for a post-COVID world in which organisations have had to pivot quickly to work in the digital world. Online communities have mushroomed, creating demand for apps that empower everyone, from developers to entrepreneurs and hobbyists to develop their online presence seamlessly.
Dao Bull leveraged a combination of the blockchain and cloud-based systems so organisations can operate transparently and scale any future growth with social amplification and social app integration. It will create models which help users manage their finances, shareholders, and community governance structures without needing a centralised management system.
“Blockchain introduced the idea that online communities could operate beyond the traditional confines of a centralised system, creating their own set of governance models that aligned with their strategic objectives,” said Block.one’s SVP of Public Blockchain Engagement, Kevin Rose.
He added, “Dao Bull has helped expand access to communities around the world by providing a platform that empowers groups to stand up their own DAO nearly instantaneously. We host hackathons like these to encourage innovative, impactful projects like Dao Bull’s, and we’re excited to see the Dao Bull team further develop their model.”
Block.one’s hackathons have developed a reputation for delivering innovative solutions which are very much of their time. The winner of last year’s virtual hackathon Lifebank, for example, produced a blockchain-based solution to allow users to manage their entire blood donation process from validating donors to registering local businesses as sponsors in return for receiving a life token.
This year’s event ran under the title Beyond Blockchain and sought to show how the blockchain could be combined with the cloud to generate transformative change. More than 1,300 participants across 107 countries got to work and the results were stunning.
Aside from DAO, there was gGoods which came home in second place offering an open-source NFT standard that helps organisations create tokens to address the economic downturn impacting nonprofits by helping them crowdsource funding from their user base.
The third-place meanwhile went to Recoverable Online Wallets, which introduces a social recovery system that removes the need for a centralised system for users to recover passwords with emails. It replaces the need for antiquated forms of security with multi-sig security systems.
(Written by Tom Cropper, edited by Klaudia Fior)