Organized by cryptocurrency regulatory tracker Merkle Tree, the competition is free for coders who register.
The hacker groups with the best idea and “runners up” will win prizes.
Partcipants who compete can keep their intellectual property, according to the organizers. They have also invited venture capital firms and angels to attend, which will give participants an opportunity to find investors for their startup ideas.
Hackcoin organizer Leonhard Weese told AllCoinsNews:
Hackcoin aims to bring together the many great individuals in Hong Kong who are ready to build their companies and products on top of the many blockchains that exist out there. We want to provide the participants with a fun and productive environment in which they can also find guidance when they are stuck as well as show off their solutions.
Hackcoin has been previously held in London, where it will return later this summer. There will also be an event in Mumbai later this year.
In regard to types of participants, Weese said this:
We aim at young hackers at University or fresh graduates eager to build their own business or application. But we invite anyone who wants to play, build and learn.
Places are limited to 30 participants. The “Observer” places, which would include professionals like accountants, consultants are limited to 10.
The organizers hope to demonstrate that blockchain technology can be used for more applications than cryptocurrencies and fintech.
Exciting applications include bitmessage – a messaging platform which doesn’t leak metadata, Namecoin – a distributed identity system used for example as a DNS replacement. Other exciting projects like NXT attempt to combine these functionalities in a single blockchain.