ETH Beijing Hacksong received funding from the Ethereum Foundation

On March 7, the blockchain association of Peking University tweeted that ETH Beijing Hacksong had received funding from the Ethereum Foundation. The Hacksong main track is: public goods, L2 applications, and open research. At present, ETH Beijing Hacksong has been sponsored by the Ethereum Foundation ESP, Scroll, and Mask Network, with a total prize pool of 30000 dollars.

Interpretation of this information:

The Peking University blockchain association announced on March 7 that ETH Beijing Hacksong has received funding from the Ethereum Foundation. This news brings a lot of excitement among players in the blockchain community considering that the Hacksong main goal is to develop public goods, L2 applications, and open research. ETH Beijing Hacksong is receiving sponsorship from the Ethereum Foundation, Scroll, and Mask Network with a total prize pool of $30,000.

The Ethereum Foundation’s decision to sponsor ETH Beijing Hacksong is a significant move that will encourage the development of blockchain technology. Hacksong’s primary focus on public goods plays a significant role in advancing the adoption of blockchain technology across different sectors. Public goods refer to free access to projects and blockchain technology, which can benefit all users regardless of their location or financial status. By supporting such projects, the Ethereum Foundation is setting a precedent for other organizations to embrace public goods in blockchain development.

The second area of focus for Hacksong is on L2 applications, which refers to layer-2 scaling solutions that improve blockchain technology’s speed and efficiency. L2 applications offer significant improvements over the slow and often congested blockchain platforms currently in use. Developing L2 applications is critical to unlocking the full potential of blockchain technology, especially in decentralized finance (DeFi) and enterprise solutions.

Finally, Hacksong’s focus on open research is essential to bolstering blockchain technology’s legitimacy. Open research refers to the transparent and collaborative approach used in blockchain development to solve complex technological problems. Through open research, developers can build on existing knowledge, such as smart contracts, and create secure and innovative solutions.

In conclusion, the Ethereum Foundation’s funding of ETH Beijing Hacksong will help advance the development of blockchain technology in various sectors. With a focus on public goods, L2 applications, and open research, Hacksong is making significant strides in building a robust and efficient blockchain ecosystem.