The Royal Canadian Mint has invented a new, digital currency called MintChip intended to be an alternative to using debit and credit cards.
MintChip is modeled somewhat on Bitcoin, a digital currency invented by an unknown programmer that looked like it might succeed last year before falling prey to a serious of security and regulatory problems. The promo video for MintChip promises that transactions as small as $0.01 will be possible, something not feasible with credit cards due to the fees on each transaction. A competition is underway that will reward programmers with the best demonstration uses for MintChip.
MintChips are exchanged as digital files that can be verified by software mathematically, without the need to verify your identity or to check in with a third party, as it with a credit card. That’s something it has in common with Bitcoin, but enthusiasts for that currency won’t like the way that MintChips are originally created and issued by a central authority, which is not necessary for Bitcoin.
The Challenge
The Royal Canadian MintChip Challenge invites software developers to create innovative digital payment applications using MintChip, a development phase technology available only to challenge participants. Developers and the public are also encouraged to share ideas for how a digital currency can be used. Winners will receive approximately $50,000 in gold bullion from the Mint as well as promotional exposure. Prizes will be awarded for the apps that best demonstrate the potential value of the MintChip technology and have the greatest potential impact on digital payment technology. Submitted apps can run on Windows, iOS, Android, BlackBerry, or desktop and mobile browsers.
The Mint will provide participating developers with a software developement kit (SDK), two microSD MintChips, and two remote MintChip accounts they can use to integrate the Mint's technology with their digital payment applications.
The public and developers have approximately four months to share ideas and build their submissions. A panel of distinguished judges from the tech industry, venture capital, media, and retailers will select winners, and the general public will vote to identify a "Popular Choice" winner.
Challenge Goals:
Create software applications and proofs of concept utilizing MintChip
Highlight potential advantages of the technology and digital currency
