HackerGold (HKG) Information
The Virtual Accelerator
The Virtual Accelerator democratises opportunity for everyone, from opening access to entrepreneurs to early funding for development through to providing a way for developers and fans in the community to support other startups’ ideas. The platform combines blockchain technology and crowd diligence to remove the barriers that prevent opportunity and collaboration from being realised.
The Virtual Accelerator opens with the 2016 <hack.ether.camp> competition and will reopen to new entries in subsequent hackathons.
Hacker Gold (HKG) is the official token of the Virtual Accelerator. It’s the fuel that makes the platform possible.
The goal for many teams in the VA is to create their own startup. The platform makes this possible by allowing teams to initiate their own token, these can be bought solely for HKG during the event period.
For fans this is the chance to get in at an early stage, support a team and gain preferred voting rights on how the team uses its funds. Startup tokens issued after the hackathon do not come with voting rights.
HKG is also a reflection of the level of the community’s conviction in the future success of the platform. HKG will be issued only once. Once the crowdsale is over, to participate in future Virtual Accelerator hackathons HKG must be purchased on the open market.
Price and sale process
For the duration of the hackathon tokens initiated by startups will be listed on the virtual exchange that forms part of the <hack.ether.camp> platform and can be purchased using HKG. The only way to gain voting rights in a startup is to buy tokens issued by that startup during the hackathon event.
The emission process. HKG will be available for 9 weeks, starting from 4 weeks before the hackathon starts and ending after the 5 weeks of the hackathon are complete. The earlier in the process you convert your other cryptocurrencies to HKG the better the exchange rate. For specific price levels please refer to the pricing chart or table.
Virtual Accelerator - Past, Present and Future
Last year we had our first virtual hackathon. Even at registration we new that we had something special going on. We had people from all over the world, meeting on the platform, forming teams and dreaming about the future together.
The Ethereum ecosystem was still taking baby steps but here we had 30 teams battling it out online for 3 days. We had judges, we had drama, and we had a winning team.
We also had people watching. The community were watching. Investors and VC’s were watching. We had crafted a stage that allowed teams to showcase their innovation, while letting investors analyse the potential of what they were doing.
The Virtual Accelerator emerged. We saw the future of smart investment through smart contracts.
Fast forward to the present. After 8 months of silent development and energetic discussions, the structure of the Virtual Accelerator has been formed and we’re ready for our 2nd event.
We have a new platform. We’ve made it easier for the public to evaluate the potential of a team. You can see the evolution of every project from initial presentation through to a working prototype. Communication has been opened up, allowing a team and spectators to contact each other directly through open chat. And with a Facebook style newsfeed, nobody has to miss a thing.
- DSTContract - DST stands for Decentralized Startup Team. The goal of the contract is to ensure a 2 phase crowdfunding process. Phase 1 during the hackathon and Phase 2 after the event is over. Its structured so that tokens collected in the first phase are not immediately liquid which motivates the startup to launch their second phase soon after the event is over.
There’s an amazing panel of judges on board to give their opinions on the projects. And by extended the event to 5 weeks, there’s now the time for teams to really produce something of significance.
But a Virtual Accelerator requires more than this. Potential backers need to be able to establish a formal relationship with teams, to ensure collaborative governance over the emerging startup. Ethereum Smart Contracts provide the way.
- Hacker Gold (HKG) is the token of the Virtual Accelerator and is the only way to participate in the first phase of crowdfunding with a startup team. It provides both value to the team by providing funds, and influence to the backers through voting rights collected in the DST. As it’s important for us to comply with US security regulations backers don’t have rights on any other part of the project - no IP, no revenue stream and no shared ownership. We have a law firm with, experience of crypto, auditing the whole process of the Virtual Accelerator, double-checking and keeping us out of trouble.
It’s important that teams are able to focus their time and resources on developing their product, so rather than slow them down with majority voting on proposals, backers are instead able to reject proposals. This requires 55% of votes.
We are polishing and testing the smart contracts system and are about to present them to the community. A full and comprehensive external auditing process is also taking place with a number of leading and respected professionals.
We live in an amazing time
Since we opened registration on 19 July the response has been magnificent. At the time of writing more than 1700 hackers and fans are signed up for the event. The board of judges has world-class understanding of entrepreneurship, going way beyond the confines of the blockchain eco system.
There is the longest list of decentralized innovation ideas in existence located on our platform.
We’ve also got the word out to the wider world. Hacker News promoted us to its first page 4 times in the last month, bringing more promising hackers into the project.
The expectations from <ether.camp> are high, and we’re feeling the weight on our shoulders. We are working hard to ensure that the platform will deliver the best experience for teams, judges and the community.
The Future :
This is just the beginning for Virtual Accelerator. We are building something transformative, that’s the sense we get when we speak to the community.
We want the Virtual Accelerator to make a difference in the world. We want it discover new talent from all over the world. We want that talent to form innovative startups. We want the community to discover and back the best new startups.
We’ve already announced that there will be cyclical events, repeatedly bring new ideas and talent to the world’s attention. We’re looking at specific events around verticals and specific territories.
We will be continuously developing the platform. Improving the social experience to make it easy for people to find complimentary individuals and make teams. Improving how the teams present their work to the wider world. Improving the smart contract infrastructure to enhance the relationship between teams and backers.
We want to provide tools to the teams to make it easy for them to build the best products, whether that is our own Ethereum Studio or integrations with other third party services.
We’ll also be looking at how best to support startup teams through mentoring and consultancy. Providing them with the best launch pad for success.
We want to build on the work we do with several universities in the United States and Europe to provide students of all ages with the information and support so they to become new talent in the Virtual Accelerator. And we will do it.
The Hacker Gold sale is there to help us achieve this vision. We considered the pros and cons for capping the sale of HKG. Our issue with a cap has always been that this will limit the distribution of the token and by limiting participation undermine the ability of the community to identify the best ideas.
However, at the same time, there is always the possibility that things can run out of control, so after feedback from the community we subsequently decided to put a safety cap in place. The figure of 4 Million Ether was chosen only from a perspective of protecting the network. It was never intended to be a target or goal, although it appears that a vocal section of the community is taking it like that. We understand and respect why people have come to this conclusion, and again we apologise for the misunderstanding.
Ask Us Anything - live
We are getting close to the launch of Hacker Gold, and the hacking event. We have scheduled a live video AMA. Here is the link:
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