The next big Web3 opening may come from a Finnish hackathon

2022-11-04

Ari Ojanperä

Ari Ojanperä
Head of Marketing at TX

Press release

TX is coaching teams at the Junction hackathon this weekend to form fair and ethical data business models for the Web3 era. TX is a Finnish design and development consultancy specializing in decentralized services and crypto projects.

Today’s data economy typically sees people’s data ending up in the hands of unknown actors. One of the most prominent themes in Web3 development has been the ability to control one’s online footprint, meaning a person may consciously decide who gains access to their data for fair compensation.

Decentralized platforms lack the central authority that receives and sends data to different users. Instead, data retention and communication happen between different users, often on blockchain-enabled networks.

In order for Web3 to become to be adopted by the masses, decentralized services must provide utility value for people. This is why TX is challenging teams at Junction to create a fair and ethical data business model or application based on Web3 principles.

– The true value of a service, whether decentralized or not, is defined by how people will adopt its use. Junction is an excellent environment to find new openings for Web3-enabled platforms, TX’s Senior Designer Markku Nousiainen explains.

Streamr Offers a 5 000 Euro Prize Pool for the Winning Teams

TX is presenting the challenge together with Streamr, who provide a prime example of value creation on a decentralized real-time data network. Using Streamr’s open-source technology, people are able to create, share and consume data streams for monetization. Streamr Network uses DATA tokens, and the three winning teams will be awarded from a prize DATA token prize pool worth 5 000 euros.

– We are happy to accelerate Web3 development through different hackathons and events. Junction’s participants will be among the first to utilize the newest Data Union 3.0 framework that enables a very fast development cycle from idea to product, Streamr’s Head of Ecosystem Matthew Fontana says.

Find out more about the Fair and ethical data business challenge on Junction’s website.

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