One of the largest blockchain projects in South Korea, ICON (ICX), has announced that it will launch the 'ICON TX (Transaction) Challenge', a large blockchain development contest with a total prize pool of 1 million ICX, starting on June 3rd, states the official press release that was shared with iHodl.
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 or websites.
ICON is reportedly planning 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.
According to the press release, 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 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.
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 Council member of the ICON Foundation, J.H.Kim, hopes that the 'ICON TX Challenge' will help more developers experience the development environment of DApps, and further "enhance interest in the blockchain, ultimately leading to the expansion of the blockchain ecosystem."
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