Btrust Builders, the African Bitcoin education program that recently re-branded from Qala, has announced the winners of its recent hackathon targeting African-made solutions around Bitcoin.
Congratulations to the #BuildForAfrica Hackathon Winners! 🏆🎉
After an intense competition with 38 submissions and narrowing down to 8 finalists, the innovation showcased was truly remarkable!
Here's the prize breakdown for the four winners:
🥇 1st Place: $5,000
🥈 2nd Place:… pic.twitter.com/IFFAnkRgFc— Btrust Builders (@btrust_builders) December 3, 2023
The four participants were selected from 8 finalists who had been voted in by the Btrust Builders community.
1.) BitPension
First place went to BitPension, which is developing a multi-signature bitcoin pension platform. The solution offers a secure and flexible solution to address retirement savings challenges.
Leveraging Bitcoin’s decentralized nature and multi-signature technology, BitPension aims to empower individuals to save for their retirement while maintaining control over their funds. The goal is to provide a trustworthy and innovative financial security solution.
2.) Splice Africa
According to Btrust, Splice Africa is addressing the friction in cross-border settlements and payments within Africa like cumbersome KYC processes, high fees, and multiple intermediaries.
Splice’s solution involves connecting African nations through Bitcoin’s globally accessible liquidity network. It employs automated foreign exchange swaps with Taproot Assets on the Lightning Network, eliminating costly overseas intermediaries and reducing transaction friction.
The system operates as a peer-to-peer non-KYC setup for cross-border payments, utilizing mobile money agents/merchants.
“Transactions are conducted through Lightning using Taproot Assets, with fiat coins shielding agents/merchants from Bitcoin’s volatility. This approach aims to enhance efficiency and accessibility in cross-border financial transactions across the continent.”
3.) Stealth Money
Stealth Money addresses the challenge of depreciating fiat currencies in Africa and the reluctance to self-custody Bitcoin due to a knowledge deficit. The solution involves promoting Bitcoin as a savings technology and emphasizing the importance of ‘Not Your Keys, Not Your Coins.’
The platform automates the process of saving in Bitcoin, allowing users to sign up, complete registration, add their hardware wallet, and deposit local currency.
Through one-time purchases or recurring plans, the deposited funds are converted into BTC and sent to users’ self-custodial wallets. This encourages a culture of saving and accumulating bitcoin, providing a secure alternative to traditional fiat savings susceptible to devaluation.
4.) SATS to GO!
SATS to GO! goes beyond a mere incentive; it serves as a catalyst for change, aiming to inspire transition from mere compliance to genuine commitment. This initiative is designed to spark a positive shift in mindset and engagement, fostering more dedicated and motivated individuals.
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