(Image Credit: iStockPhoto/baona)

London will be host to another cryptocurrency-based event this Friday (24^th July) aimed towards ensuring investment continues in digital currency. HackCoin is to be held at the Barclays Accelerator in Notting Hill and welcomes hackers and developers to come put their innovative minds together in the hope of creating a range of creative financial projects. 

Teams will be allowed to choose from any of the increasing amounts of cryptocurrencies available today - along with any blockchain technology - in order to ensure participants face little restrictions in developing their revolutionary ideas. 

HackCoin wrote on their website: "Transferring real property, gaming, immutable and transparent records, and anything else you can imagine are fair game. Paying for dog walkers with Dogecoin, a lottery app that pays out in LuckyCoin, a site for funding movies in Bitcoin? We look forward to seeing your creative hacks." 

The topic of this month's hackathon will be "Identity and the blockchain" which is arguably the most important factor of ensuring the success of cryptocurrencies - especially after the widely-publicised Mt Gox exchange hack which resulted in the loss of $460 million worth of bitcoins. 

HackCoin advises hackers to reflect on the following issues for the topic - 

• Reduce fraud and increase trust (proving identity) 
• Reduce friction and drive efficiencies (registration, single login and payments) 
• Enable customer to control their data (consent and permissions) 
• The ability to prove identity with alternative data sources i.e. if someone doesn’t have a driver’s license or passport. 
• Identity creation on the blockchain 

Prizes up for grabs at the event include a country legal report, an internship with ID2020, and a single Bitcoin (worth £178 as of writing.) 

For more information and to register for the event, head to HackCoin’s website. 

Do you think hackathons such as HackCoin are important in advancing cryptocurrency? Let us know in the comments.