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Source: Investinblockchain.com

Microsoft, the world's leading software giant, has just reached $1 trillion in market capitalization and will fund Ethereum (ETH), the world's leading blockchain protocol, for publishing smart contracts and developing distributed applications (dapps).

To help build and develop the Ethereum ecosystem, Microsoft will provide thousands of dollars to anyone who has contributed to the project during the two-week Ethereal Virtual Hackathon held from April 15 to April 30.

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The total amount of money paid in Dai’s stable currency is $67,000

Microsoft has partnered with dozens of other companies and teams to provide Dai Stabilization Coin with a total of $67,000 in prize money to reward winners who have successfully built and developed the Ethereum ecosystem.

The competition was conducted on a decentralized platform called Gitcoin, a diversified funding platform for open source projects.

In addition to Microsoft's main sponsorship, ConsenSys Labs, the venture capital arm of the Ethereum blockchain, also sponsored the event, offering high rewards for projects that attempt to reshape the financial system.

In this regard, Vivek Singh, operations director at ConsenSys, said:

“[ConsenSys Labs] has proposed some ideas for rethinking the loan market and considering peer-to-peer loans and a decentralized credit scoring system.”

As for Microsoft's rewards, they are leading the way in 20 project awards, from supply chain-related container smart contract development to smart insurance for weather insurance.

In addition, JPMorgan has even added this pleasure through its Quorum blockchain for businesses and licenses.

It's all thanks to Gitcoin

In addition to benefiting from the Ethereum ecosystem, Ethereal Virtual Hackathon has also become the focus of Gitcoin, a decentralized platform that encourages open source development by funding global open source volunteers.

Gitcoin has only been in operation for 2 years and has paid nearly $1,000,000 in bonuses to active users over 18,000 months.

Gitcoin said in a media post: "Explain their mission by hosting the Ethereal Virtual Hackathon:

“Recruiting talented developers you want to work with is a challenging process. We are providing this service to the community to help funders bring developers to their teams.”

In addition, although the event is coming to an end, Singer from ConsenSys said:

“We have seen what people can do in two or three days. Some of Microsoft’s awards were eliminated in the first 24-48 hours... If someone caught the award on the 27th, they definitely have time to do it. Make a meaningful contribution."

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In addition to funding the event, Microsoft has seen the possibility of blockchain earlier and launched "Ethereum on Azure" last year to help companies run blockchains based on the Ethereum agreement on Azure (Microsoft's cloud business). .

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