There are great developments and innovations taking place within the world of blockchain and this includes the development of decentralized applications, smart contracts and so on. One would say that we are only beginning to see the potential of blockchain and this has high hopes for what the future will be in that many consider blockchain to be the next big technology that will take on the world. As part of this exploration of the potential of blockchain, many competitions are been held, by mostly private blockchain companies for developers to bring forward the best offerings that are related to blockchain
One of the latest of this is a competition that was announced by Telegram, a global messaging app on September 24, 2019 in which coders will compete for developing the best applications on the Telegram Open Network (TON) blockchain.
Telegram Open Network
The competition in question will run till October 15, 2019 and will have various degrees of prize money for each task and these range from $200,000 to $400,000 and these are up for grabs until the competition comes to an end. The first part of the competition is that the Codes are required to create smart contracts based on the tools that have been provided on the blockchain and have been detailed in the Telegram competition document.
The other two parts of the competition include suggestions for the FunC as well as theTON virtual network and the third part of the competition is for the bug bounty program.
As part of the competition, the developers are required to implement at least one of five smart contracts which includes multi signature wallets, two types of simple TON DNS Resolver smart contracts, a synchronous two-party payment channel, and an asynchronous two-party payment channel.
In the bug bounty program, the developers will submit descriptions of the bug in question as well as a scenario in which the bug can be exploited by malicious parties. If they are able to steal funds from the wallet while making used of the bug, they will be given $200,000 in prize money and this is besides the $200,000 that is to be distributed for smart contracts developers.