More than 50 teams have entered a bitcoin cash tokenization challenge. The challenge is designed to help improve the cryptocurrency to be a generally accepted means of transactions for trade and also making it a pillar of the financial industry.
The contest which was launched by Coingeek recently is backed by a 5million pound prize reward. The contest is organised in partnership with technology research and development firm Nchain Group.
The cryptocurrency company led by the billionaire entrepreneur Calvin Ayre, in a statement;
“While it is our firm belief that BCH is the one true blockchain that will emerge out of all the FUD around cryptocurrencies right now, we want to also ensure BCH has all the tools necessary to make that claim and more. Tokenization is another step on that journey as we create a ‘best of breed’ coin that has all the components of the original Satoshi white paper but also has the additional features that enhance BCH further still,” said Ayre.
The requirements for the contest were explained in detailed. The challengers are expected to carry out all of three different tasks in the shortest and effective possible time to emerge the winner.
Firstly, the challengers are to design a system that enables to securely create, issue, redeem and destroy tokens. Secondly design a wallet allowing the user to view, trade and redeem their investments and lastly an audit solution that a third party to independently validate the status of all issued tokens on the blockchain. It is indicated that they are not allowed to involve the execution of a smart contract on the blockchain, however, must demonstrate their cases using a real-world practical example.
All access to assets and license that would be used during the contest would be provided from Nchain’s patent portfolio. The solutions would be assessed on how well they meet the objectives as well as their effectiveness in using these assets. However, the participants are not restricted to use only Nchain’s assets as coingeek says it plans to encourage creativity and originality.
Image source: www.thetempest.co
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