Building Real-World Smart Contracts Using Off-Chain Resources
One of the major roadblocks prohibiting the rapid development of useful smart contracts is their inability to access off-chain resources. While tokenization has become a novel mechanism for representing the ownership of assets, smart contracts have far greater potential to revolutionize industries like finance (DeFi), insurance, supply chain, gaming and more if they extend their connectivity to data and systems off-chain.
Chainlink is a decentralized oracle network that gives smart contracts secure and reliable access to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, other blockchains and much more. Whether its receiving off-chain data to trigger your smart contract or connecting to an external payment system to settle it, the range of possible applications Chainlink opens up is limitless.
We believe that enabling off-chain connectivity via secure oracles is the major catalyst that will spark the next wave of development centered around connected smart contracts. We’re excited to host our first virtual hackathon where participants can use our oracle protocol and access a range of data providers to create novel use cases and practical smart contract applications that drive business innovation and social progress.
What We’re Looking For
Participants are encouraged to follow the ideas they feel most passionate about. They should also keep in mind that there is an additional positive impact award for a project that best addresses a social / community issue. There will also be bounties up for grabs from data providers and sponsors.
- Create a State Change Using a Chainlink Oracle
- All submissions must demonstrate how a smart contract can use Chainlink oracles to fetch data off-chain and use this said data to trigger an on-chain state change.
- For example, you can use market data to trigger a derivatives contract, retrieve IoT sensor data to determine an insurance payout, extract gaming results via a web API to reward winners of online competitions or more. Given the massive pool of valuable data that exists off-chain, there are boundless ways to leverage it in unique and pragmatic smart contract designs, so get creative!
- Data Aggregation
- Another area we’re particularly interested in is how projects aggregate off-chain data into a single input to trigger their on-chain contract.
- Since Chainlink is a decentralized oracle network, developers are able to obtain multiple data feeds and then aggregate them together into a single data point by using a median, weighted average, removing outliers, etc.
- We’re very curious to observe how developers take advantage of Chainlink’s decentralization to create reliable and trusted data through various aggregation strategies.
- Original Code and Practical Business Models
- We are looking for projects with original source code (written during the event only) and have practical business models that can be easily applied in the real world.
- While experimental concepts are great to push the space forward, we’re interested in smart contracts that can be implemented today and meet actual adoption. We will take into consideration areas like game theory, industry fit, and potential consumer demand when judging a project’s viability in the real world
Over $60K worth of bounties are available for the winners.
- Chainlink Bounties
- 1st Place — $15,000
- 2nd Place — $8,000
- 3rd Place — $5,000
- Positive Impact — $2,000
- 6 Judge’s Choices — $1,000 each
- All bounties paid in LINK tokens
- Sponsor Prizes by Amberdata
- 1st Place — 1 Year Professional API Amberdata subscription (10k value) and 100 DAI
- 2nd Place — 1 Year Professional API Amberdata subscription (10k worth) and 50 DAI
- 3rd Place — 6-month Professional API Amberdata subscription (5K worth)
- All participants that include Amberdata in their project will receive a 3-month free coupon to Amberdata’s professional API.
Documents and resources:
- Getting Started
- To help participants get started, we created a blog post that details a wide-ranging list of potential Chainlink-enabled smart contracts use cases.
- We’ve also included several links to articles that outline past hackathon competitions that discuss the winning projects.
- Hackathon Resources