In its second year, the Bitcoin Association Virtual Hackathon is an event that gives coders and programmers from across the globe the opportunity to compete and to show how good they are at building a program from scratch, while only having 48 hours to do so. The objective is to bring together many of the world’s best developers from all over the world to create innovative applications pm the Bitcoin SV (BSV) blockchain.
This past August, the second annual event saw incredible applications on display. One of the finalists was the BitQ&A platform, an idea to create an incentive for those who are willing to answer questions within the Bitcoin SV community.
Coingeek’s Stephanie Tower had the opportunity to sit down with Janez Urevc, the man behind the platform, to discuss his project and how it can help the Bitcoin ecosystem. Urevc said BitQ&A is similar to Quora and Stack Exchange in that it allows people to ask questions and receive answers from those in the know. The difference lies in BitQ&A’s incentive model:
People ask questions about things and other people that have the necessary knowledge to answer them with the difference to these existing platforms that it has a Bitcoin incentive built-in. So, when you ask a question, you put some monetary bounty on it which is then a reward for the person who answers you.
It was this small tweaking of a common idea which helped to make the BitQ&A platform a finalist at second Bitcoin Association Virtual Hackathon. They understood that people will pay for good information and they will provide that information if there is an incentive involved. Of course, he explained, the costs have to be reasonable.
“We are talking about really small amounts of the transaction here, so if the fees would be high, that wouldn’t be possible to do and so every blockchain that has high fees is immediately out of the question,” Urevc said.
He explained that this incentive not only encourages people to want to answer questions but also helps to ensure that the answers are useful and accurate: “We try to build an incentive system that encourages good content, providing good answers, but also there is a portion from every transaction that happens that goes to the platform in order to be able to maintain it and develop it.”
Currently, the platform is only available for the Bitcoin SV community, but this is expected to change. The goal is to open it to the general public so that all can take advantage of its potential.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.