Members of the public are being asked by the Royal Canadian Mint for their input on software applications created for use as part of a new digital currency system known as MintChip™.
Multiple applications were submitted under the MintChip Developer Challenge with the public’s votes used to determine the winner of the Popular Choice Award.
At stake under the challenge are thousands of dollars worth of gold to be awarded in several categories. The winner of the Popular Choice Award will receive 3 Gold Maple Leaf Coins each struck from one ounce of .9999 fine gold. The estimated value of these three coins is more than $5,000 based on recent gold market activity.
Several other prizes will be awarded as well under the challenge. The grand prize for the best overall application will receive ten ounces of gold.
The MintChip digital currency is a concept recently developed by the Royal Canadian Mint. It uses a secure chip to hold electronic value on a memory card or remotely in the "cloud." This electronic value may then be securely transferred from one chip to another. By operating without the need for personal identification, MintChip allows the user to retain his or her privacy.
The MintChip Developer Challenge began on April 4, 2012 when the Royal Canadian Mint invited developers from across North America to compete. Conducted on behalf of the Mint by ChallengePost, the contest is seen as a means to test the technology and to determine its applicability in the marketplace.
"The Mint is extremely pleased with the enthusiasm and creativity shown by the developer community for the MintChip Challenge," said Ian E. Bennett, President and CEO of the Royal Canadian Mint. "All 500 of the developer kits were distributed within the first four days of the Challenge and we have now received many interesting and innovative ideas for possible uses of the MintChip digital currency technology."
Those wishing to participate in the Popular Choice Award vote may do so at www.MintChipChallenge.com.
Voting will continue now through September 12 with the winner announced on September 24, 2012. Prize winners for the other categories of the challenge will also be announced that same day.