, the first startup accelerator to accept bitcoin companies in Silicon Valley, will host a bitcoin hackathon to run from 25-27th April.
The event will be held at the Boost offices in San Mateo with enough space for 100 participants.
, the lead engineer for Boost, told CoinDesk that the organisation is looking for next-generation bitcoin companies to form out of the weekend session.
Boost has committed to funding 100 bitcoin startups within the next three years. Hosting a bitcoin hackathon is a way for the organisation to help encourage new business ideas within the digital currency industry.
Entrance fee and prizes
The point is to keep entrants committed to the hackathon, and to get bitcoin circulating as a method of payment, according to McKelvie:
Pitches and judging will take place at 3:30 PM on Sunday, April 27.
Veteran bitcoin entrepreneurs and VCs will be on hand at the hackathon to serve as judges and mentors for the event.
Startup ideas are graded on a point system with a 100-point scale. Points will be awarded for a startup's idea (25 points), business plan (25 points) and product (50 points).
Boost is looking for ideas that can incorporate bitcoin in any way. But, that's the only stipulation.
To better illustrate, he cited companies like CrowdCurity, which focuses on crowdsourcing IT security yet uses bitcoin to provide incentives for researchers to find vulnerabilities in websites, and Arbiter, which facilitates in-game app payments via bitcoin, as examples of startup ideas that would make the cut.
Using just the block chain to build something is an idea that McKelvie said was interesting. But, the fact that there are already a lot of bitcoin companies with APIs gives developers a lot of options to plug into.
Hackathons build bitcoin businesses
Hackathons are a good way to quickly prove an idea could work, as it needs to be completed in a short time frame.
That competition resulted in Coinbase Apps, a marketplace that shows off software from various developers using Coinbase's platform in novel ways.
McKelvie, who is also Boost VC's lead engineer, believes that this hackathon will attract software development talent in the San Francisco Bay area to build some good bitcoin business ideas.
There is a registration form available for interested participants. There is also a refer-a-friend discount available for those who register.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.