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South Korea-headquartered blockchain payment network Terra announced plans to expand their base and build a developer community in India with the Think with Terra Ideathon.

The Ideathon, launched in partnership with Singapore-based innovation management brand, Lumos Labs,  challenges Indian developers to push the boundaries of the realm of payments in the Fintech industry. With emerging challenges in the payments space such as high, hidden transaction fees, integration issues, and ease of usability, the Ideathon allows developers to reinvent existing payment infrastructures using blockchain technology.

During the course of the four-month-long ideathon, Terra is looking for ground-breaking concepts for real-world problems in the payments industry, which are both business-centric and consumer-centric. These solutions should solve problems pertaining to the three identified tracks, which include fintech, e-commerce and logistic tracks, to be built on Terra during the acceleration phase.

The platform also invites out-of-the-box ideas with blockchain applications in industries outside of the identified tracks within the payments industry. The competition calls on developers and innovators in India to conceptualize change in industries that are riddled with large problem statements.

Shortlisted startups will receive rewards from a pool of INR 5,00,000, and winning teams will be accelerated with close mentoring from leading industry experts, founders, and the global Terra team itself.

“We are excited to build, grow, and nurture a developer community for the Terra platform in India. As the second largest developer base in the world, expected to overtake the USA by 2024, India possesses a huge potential to harness the blockchain ecosystem in the world and provide the much needed impetus to redefine the payment infrastructure across verticals,” Daniel Hwang, Head of Ecosystem Development at Terraform Labs commented.

“The Think with Terra Ideathon is our attempt to engage and hone the ever-growing developer brain pool in India and build a robust growth centric blockchain ecosystem in India” he added.

 A Family of Stablecoins

The company is building new financial infrastructure powered by a family of stablecoins, each pegged to major fiat currencies all algorithmically stabilized by Terra’s native governance and staking token, Luna.

With the mission of setting money free by building open financial infrastructure, the company has navigated a steady path of growth towards increasing the expansion and development of its products and network. They recently announced their collaboration with prominent members from two of the leading blockchain ecosystems, Polkadot and Cosmos, to launch a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits.

Interested candidates can apply for the Think With Terra Ideathon at the event registration website. Registrations for the program are open till November 30, 2020.

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