Blockchain Development Contest Announced By Blockchain Startup ICON

Announcements, Blockchain | May 10, 2019 By:

Blockchain startup ICON will be launching a large blockchain development contest in June, with a total prize pool of 1 million ICX, the startup’s cryptocurrency.

ICON is a connector of disparate cryptocurrencies with different blockchain governances, and a connector of the crypto world to the real world. The startup is vying to be the first to connect South Korea through a massive-scale blockchain. It is aiming to allow government departments, universities, hospitals, securities, banks and any private company to interact without third-party networks that charge transaction fees or delay the process.

The blockchain development contest, dubbed ICON TX (Transaction) Challenge, will provide operating costs and technical support to blockchain experts, including developers, university students, and anyone who has blockchain use case ideas, to produce their own Decentralized Applications (DApps) or websites.

“Where existing development efforts have been slowed down by factors such as transaction (TX) costs, server hosting costs, and technical barriers, the ‘ICON TX Challenge’ will allow participants to access new technology and quickly validate their ideas,” the startup said.

To participate in the challenge, which runs for approximately two months starting from June 3 to July 31, smart contracts that can generate transactions should be completed in advance. Teams who are confirmed to take part after the application process will be given 200 ICX each as a participating prize and a separate reward of 0.01 ICX per 1 TX for transactions occurring through the SCORE during the contest will be given out.

ICON added that a total of six teams will be selected according to the evaluation standards including the completeness, business value, technicality, blockchain utility, etc. of DApps or websites. These teams will be awarded the final prize of 50,000 ICX per team.

“ICON is also considering additional benefits such as helping attract investment to the participating teams, providing extra points for recruitment of the ICON office in Korea or internship opportunities,” the startup said.