More than 50 teams have entered the Bitcoin Cash (BCH) tokenization contest, which is meant to form a “cornerstone of the global distributed economy” that helps the cryptocurrency. The competition was recently launched by Coingeek, a cryptocurrency company led by billionaire entrepreneur Calvin Ayre, in partnership with technology development company Nchain Group, and set up a £5 million prize.
“While we firmly believe that BCH is the only true blockchain emerging out of all the FUDs around cryptocurrencies today, we also want to make sure that BCH has all the tools it needs to make that claim and so on. Tokenization is another step in this journey, as we have created a ‘best of breed’ currency with all the components of the original Satoshi white paper, along with additional features that further enhance BCH, “Ayre said.
Organizers explained that the challengers needed to design a system to safely create, issue, exchange and destroy tokens; A wallet that allows users to view, trade and redeem their assets; And an audit solution that allows third parties to independently verify the status of all issued tokens on the blockchain. They don’t need to execute smart contracts on the blockchain, but participants must present real-world use cases.
Coingeek will provide access and licenses to use certain assets in the Nchain patent portfolio. The solution will be evaluated for how well it achieves its goals and how effectively it uses these intellectual property assets. However, participants are not restricted or required to use Nchain’s assets, as Coingeek says creativity and new ideas are encouraged.