Bydacks Hosts '1DAY IDEATHON' in Busan to Drive Blockchain Innovation

Bydacks, a leading digital asset custody company affiliated with Bithumb, hosted its inaugural '1DAY IDEATHON' event on October 26 at BEXCO Exhibition Hall 1 in Busan. Announced on October 27, the event aimed to inspire revolutionary ideas for digital services leveraging blockchain technology, while further strengthening the blockchain ecosystem within Busan—a city positioning itself as a digital innovation hub.

Gathering approximately 200 participants, including industry stakeholders, the ideathon revolved around the theme "Multi-chain-based Digital Services." Innovators presented a diverse array of forward-thinking concepts that aligned with this theme, showcasing blockchain's growing versatility.

Finalists Deliver Pioneering Blockchain Solutions

Out of a competitive field, 20 teams advanced to the final stage, presenting groundbreaking blockchain solutions poised to transform digital markets. Prominent entries included:

• Triangle: An institutional-grade digital asset custody platform offering secure crypto storage solutions.
• Quantus: A self-custody fee calculator enabling users to estimate costs efficiently.
• NextWave Busan: A Korean-won payment infrastructure tailored for foreign residents in South Korea.
• TxMe: A stablecoin-powered remittance and payment system designed to streamline global transactions.

These innovative ideas impressed judges with their creativity, technical execution, and potential for practical implementation in blockchain-based economies.

Event Highlights: Schedule, Judging Process, and Awards Distribution

The 1DAY IDEATHON adhered to a dynamic schedule, beginning with an opening ceremony at 10 a.m. The morning included a Global Layer 1 introduction session, followed by two rounds of team presentations, real-time voting from attendees, expert-led blockchain lectures, and an awards ceremony to close the event.

The judging panel awarded five categories of prizes, recognizing the most promising blockchain projects:

• Grand Prize: Awarded to Triangle, accompanied by a KRW 1.5 million reward.
• Excellence Awards: Conferred upon NextWave Busan and Quantus, with each team receiving KRW 1 million.
• Merit Awards: Granted to ChainBridge and TxMe, with KRW 500,000 each.
• Encouragement Awards: Presented to two recipients, each earning KRW 400,000.
• A special recognition was also bestowed by the Mayor of Busan, highlighting the city's commitment to blockchain innovation.

The event's prize pool amounted to nearly KRW 6 million, underscoring Bydacks' investment in fostering technological growth and entrepreneurship in Busan.

Beyond Financial Rewards: Cultivating Future Blockchain Leaders

The ideathon offered more to participants than just monetary prizes. Bydacks provided a suite of additional perks to the award-winning teams, aimed at empowering them to accelerate their projects and explore growth opportunities. These benefits included:

• Networking and partnership prospects with global Layer 1 companies, connecting winners with industry leaders and resources.
• Support for commercialization ventures to bring ideas from the ideation stage to impactful real-world applications.
• Practical project matching to facilitate integration with other blockchain initiatives and businesses.
• Internship opportunities at Bydacks’ offices in Busan and Seoul, giving participants hands-on industry experience.

By focusing on both short-term rewards and long-term development, Bydacks demonstrated its commitment to nurturing the next generation of blockchain innovators and advancing the technology on a global scale.

Bydacks CEO Envisions Busan as a Blockchain Hub

Ryu Hong-yeol, CEO of Bydacks, expressed his ambition for the event, stating, “The 1DAY IDEATHON served as a platform for experimentation and critical challenges in the blockchain space. Our goal is to drive innovation and position Busan as a leading hub for global digital transformation. We hope participants will use this experience to reach into both domestic and international blockchain ecosystems.”

Busan's increased engagement with events like these is pivotal as the city strives to become a hotbed for groundbreaking blockchain developments, fostering both technological progress and economic growth.

As the ideathon wraps up, its momentum signals Bydacks’ ongoing commitment to empowering creators and advancing blockchain capabilities—not just in Busan, but throughout Korea and beyond.