Hackathons are a great way for blockchain foundations to engage their community, incentivize developers to build on their platform, and push the limits of what’s possible in blockchain technology. However, running a successful hackathon requires more than just a great idea and a prize pool. It requires a secure and compliant platform for onboarding sponsors and winners, handling prize distribution, and ensuring that all participants are verified and have signed the necessary legal agreements. That’s where Tokensoft comes in.
Tokensoft is a platform that provides comprehensive support for hackathons, including onboarding sponsors and winners, handling prize distribution, and ensuring that all participants are verified and have signed the necessary legal agreements. With Tokensoft, blockchain foundations can run successful hackathons that are both secure and compliant.
The first step in running a hackathon is onboarding the sponsors. These sponsors may be offering prizes of $10,000 in a token or stable coin. These sponsors have to go through institutional onboarding, sometimes referred to as KYB. Once they have gone through the onboarding process, they have to sign a document, which outlines the terms of sponsoring the hackathon. After this step, the platform allows the sponsor to put funds into escrow. This is a very important step because the blockchain foundations are unable to take custody of these funds.
The next step is the main event, the hackathon. This occurs off the Tokensoft platform, and there is no involvement until after the hackathon is finished and the winners are announced.
After the hackathon winners and their prizes have been selected, Tokensoft sets up a webpage where the winners can claim their respective prizes. The hackathon winners must also go through KYC/AML and sign a document that outlines the terms of participating in the hackathon. After they have completed this step, and if they are allocated a prize, they go to the designated webpage and claim the prize.
By using Tokensoft for hackathons, blockchain foundations can ensure that the entire process is secure and compliant. The platform provides comprehensive support for onboarding sponsors and winners, handling prize distribution, and ensuring that all participants are verified and have signed the necessary legal agreements. This allows blockchain foundations to focus on what they do best — creating innovative and exciting technology — while Tokensoft handles the rest.
If you’re considering a hackathon, we’d love to chat. Reach out today to learn how Tokensoft can help facilitate the process.
