Bank of Lithuania
  • Fotolia_182373491_Subscription_Monthly_M (1).jpg
1 of 1

Aimed to propose and test the underlying technology for the digital collector coin, the Bank of Lithuania hackathon, which will be held at the beginning of June this year, will bring together eight teams from Lithuania, Cyprus and Ukraine.

The event is to take place at Rise Vilnius, which will host the following teams consisting of 3–5 members: Contrablock, Cryptodus (UAB Cryptodus), DLteam (Distributed Lab), Metasite (Metasite Business Solutions, UAB), ORCA (ORCA Alliance), SpectroCoin (Spectro Finance, UAB), Tieto (Tieto Lietuva, UAB) and Qubo (QuatroDev).

The prototypes created during the hackathon and their descriptions will be assessed and evaluated by Remigijus Paulavičius and Ernestas Filatovas, members of the Blockchain Group of the Institute of Data Science and Digital Technologies of Vilnius University, numismatist and collector Julius Jankauskas, and representatives from the Bank of Lithuania.

The top three selected projects will receive a cash prize. After the hackathon, the Bank of Lithuania will make a decision on further actions to be taken in terms of project implementation.

To commemorate the centenary of the restoration of Lithuania’s statehood, the Bank of Lithuania is looking into the possibility of issuing a digital collector coin. It would be designed using blockchain or other equivalent technology. The hackathon is aimed at developing a prototype of the coin. Participants will be asked to take into consideration the expectations of the Bank of Lithuania: the coin must be limited in number, unique, easily identifiable as the Bank of Lithuania’s digital collector coin, and linked to a physical coin; the participants must also guarantee a secondary market and fast transactions. Special attention must be paid to security – the coin must be counterfeit-proof, while the platform for selling the coin has to be ready to handle heavy user traffic and be protected against cyberattacks.