A tournament to find and support new bitcoin companies could be a way to attract developers from Web3 ecosystems to switch to bitcoin.
Bear markets are there for building bitcoin

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Pursue. At least that’s what Legends of Lightning, a nine-week competition for competing Bitcoin companies, suggests.

The Tournament Come hackathon hosted more than 65 events worldwide where 73 projects competed to win 3 BTC ($50,000) shared among the participants. The competition crowned bitcoin startups Lightsats, Mutiny Wallet and AgriMint as winners of the separate Global Adoption and Building for Africa competition tracks.

Organized by startup Bitcoin Bolt Fun, the competition brought together 260 makers (builders, developers, startuppers, and hackers) from around the world. Speaking to Cointelegraph on Google Meet, Johns Beharry, co-founder of Bolt Fun and founder and CEO of Peak Shift, explained that the hackathon is the largest yet in the bitcoin economy: “There’s nothing quite like it,” he said.

The idea behind the competition was to “bring new creators into the ecosystem, introduce innovations to Bitcoin and Lightning, and help new or existing projects hatch their ideas and turn their dreams into reality.”

The competition aims to inspire more talent to grow in the Bitcoin space. Source: Twitter
Additionally, the competition showcases the Bitcoin development space as an arena to develop, tinker and experiment in a way that will delight Web3 creators. Edward Pratt, co-founder and lead product designer at Bolt Fun, noted that the Bolt Fun team is focused on accelerating the adoption of bitcoin by building societies and expanding the bitcoin community into other areas. :

“The bottom line is that other developer ecosystems are huge. We want to do our part to make Bitcoin compete for attention and awareness at the application level.
As the chart below shows, Bitcoin has fewer developers than Ethereum and Polkadot. Although bitcoin is by far the largest and most well-known cryptocurrency, data suggests that bitcoin is not the area that developers and builders are flocking to.

Chart showing developers by crypto ecosystem in 2020 and 2021. Source: Electric Capital
Pratt and Beharry conclude that Web3 ecosystems like Ethereum

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, Solana

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, Polkadot, and Cosmos are pulling interest and talent from the Bitcoin build space, despite the fact that Bitcoin offers the only decentralized infrastructure worth relying on. The Legends of Lightning contest is an attempt to remedy the situation and highlight the richness and depth of development opportunities in Bitcoin.

The Solana hackathons offer huge cash prizes, and this summer over 350 projects were launched to win a $5 million treasure chest. The grand prize at The Legends of Lightning, by comparison, offered 3 BTC ($50,000) for one of the 73 competing projects, or one-hundredth of the total prize.

Pratt continued, “It shows the difference between the Bitcoin ecosystem and other ecosystems like Solana.” Ultimately, the Bitcoin space competes for builders and developers participating in Web3 playgrounds like Solana and Ethereum.

“There’s definitely a lot of activity [in Bitcoin], but we’re not seeing that much inventiveness in Bitcoin yet.”
Curiously, the contest winner, Lightsats, built its project on an idea shared in a tweet by Bitcoin entrepreneur Brad Mills. The tweet set off a lightning-fast chain reaction of Bitcoin formation. Within weeks, Lightsats built their “Precoiner onramp project,” submitted it to the Bolt Fun team, and won the Global Adoption contest.

One way to get more people involved and building on Bitcoin is to reach out to developers working in other ecosystems, Pratt explained. “We want to appeal to people on the fringes of crypto and Web3,” it’s about “how do we make the stories appeal to those people,” Pratt mused.

Also Read: Bitcoin Advocate Offers Lightning Network Sats to Raise BTC Awareness

Beharry joked that of course it could happen; “Your Web3 platform is offline, bitcoin will fix that,” referring to the many instances where the Solana blockchain just stopped working.

The Legends of Lightning team hopes to repeat the event every year with bigger prizes and more

Source: CoinTelegraph