The MIT Bitcoin Project has announced the second-round winners in its summer-long app creation competition, the MIT BitComp.
The winners are Tomorrow Market, a decentralized futures market; Fireflies, a bitcoin-based platform for crowdsourcing goods and service delivery; and Ethos, a system that establishes decentralized online identities.
Of the three, Ethos was the only entry that also succeeded in the first round.
The competition began in early June and is aimed at stimulating development in the small but growing bitcoin crowd at the storied Cambridge, Massachusetts university. $15,000 in cash prizes are being awarded to developers within the community throughout the event.
Contributions to the bitcoin ecosystem
The MIT Bitcoin Project is spearheading a grassroots effort to create what some have called the world’s first bitcoin economy, with the competition acting as a catalyst for up-and-coming developers.
The conclusion of the first round, which ended in July, saw the distribution of three $250 cash prizes to contestants, and this next round resulted in three prizes worth $750 apiece.
For the second round of the MIT BitComp, entrants were asked to submit a promotional video detailing their projects and showcasing their capabilities. The winning videos demonstrate possible use cases for the apps, setting the stage for the last round when demonstrable versions of the apps will be judged.
Creativity and innovation
Richard Ni, one of the competition organizers, told CoinDesk that this round is a good opportunity for entrants to get creative with their projects, saying:
“We’re very happy with the quality of submissions we received for round two. Making a video doesn’t necessarily contribute to the end product, but our participants put a lot of time into making high-quality videos anyways.”
He added: “It’s exciting to see these projects progress, and we’re looking forward to seeing even more polished projects for round three!”
The next deadline for the MIT BitComp is 24th August, after which the panel of judges will select finalists for five categories. Each winner from the upcoming round will receive $1,500.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.