ICON launching 1 million ICX blockchain development contest

ICON, the Korean smart contract enabled blockchain platform, has announced it is now launching the ICON TX (Transaction) Challenge, a large blockchain development contest with a total prize pool of 1 million ICX (ICON’s cryptocurrency), starting on June 3rd.

In order to support developers around the world with the goal of developing the blockchain ecosystem, the ‘ICON TX Challenge’ takes the form of a competition in which participants produce their own DApps (Decentralized Applications) or websites. Future blockchain experts including developers, university students, and anyone who has ideas to implement the blockchain technology in building services or wants to experience new technologies can participate in this contest.

The ICON team plans to provide operating costs and technical support to participants during the contest, which runs for approximately two months starting from June 3rd to July 31st. 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.

In order to participate in the contest, smart contracts that can generate transactions should be completed in advance. After completing the production and verification of ‘SCORE (Smart Contract On Reliable Environment), ICON’s own smart contract development environment using the ICON protocol, one can apply for participation by developing DApps or websites utilizing the SCORE.

Teams 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.

In addition, a total of 6 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. The evaluation of DApps and websites will be based on the state of the DApp/website on the ending date of the contest. 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.

[perfectpullquote align=”full” bordertop=”false” cite=”The ICON Team” link=”” color=”” class=”” size=””]”As the ‘ICON TX Challenge’ is also an open demonstration of the stability and transaction processing performance of the ICON Mainnet, we expect many future blockchain experts to participate. Join the ‘ICON TX Challenge’ to win massive rewards and experience ICON’s DApp development environment!”[/perfectpullquote]

Contest Period

• The application begins on May 2nd
• TX Counting begins on June 3rd
• Application and TX Counting end on July 31th
• Services (DApps or websites) are evaluated for the Final Award on July 31th

* Application is open from May 2nd until the end of the event.
* TX Count for TX rewards for teams that have completed their applications will start on June 3rd.

How to Apply

1. Develop a blockchain smart contract (SCORE) using the ICON protocol.
2. Disseminate and audit the completed SCORE.
3. Develop services (DApps or websites) that generate transactions (TX) using the SCORE.
4. Complete the application process by entering the audited SCORE (Smart contract) address, links to the DApp/service webpage, a wallet address to receive participation reward and TX reward, a brief introduction about the service (UI manual, etc.), your name, emails, and contact details.
5. Receive TX rewards by generating transactions (TX) every day with the SCORE, and be selected for the final award-winning team by improving the DApps or services.

Awards and Benefits: Total prize: 1 million ICX

• Participation Prize: 200 ICX for each team whose participation is confirmed after the SCORE Audit approval (Available for the first 250 teams).
• TX Reward: 0.01 ICX per transaction is paid during the event period, up to 20,000 TX per day. (TX rewards are distributed every week and paid out to individual wallets. Maximum 200 TX is accepted for each wallet. Each participant can receive up to 200 ICX per day during the event period.)
• Final Award: Total 6 teams will be selected according to the evaluation standards of the ICON Foundation including completeness, business value, technicality, blockchain utility, etc. of the DApps, and the evaluation will be based on their state at the end of the contest.

Winner selection and awarding are completed within two weeks after the event ends. 50,000 ICX is awarded to each of 6 teams selected. Additional perks include internship opportunities, extra points for job position application at the ICON Korean office, selective investment opportunity for teams.

It is possible to receive up to 60,000 ICX per team (Participation Prize + TX Reward + Final Award).