As announced on May 19, the Swiss Lykke Cryptcoin Exchange will offer four prizes totalling CHF 200,000 (USD 205,800) as part of the Open Initiative.
The initiative seeks new proposals from development teams for blockcha-inspired solutions to problems related to the current economic turmoil, divided into four categories.
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The jury and the technology categories
The jury for the competition will consist of Lykke’s CEO, Richard Olsen, former CFTC president Christopher Giancarlo and Ashkan Nikeghbali, professor at the University of Zurich.
The four categories are blockchain-backed platforms for digital vouchers, supply chains, a real-time economic news system, and the more general category, research initiatives.
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Olsen told Cointelegraph that he sees major technical innovation as the next stage of economic recovery: „What is missing is deep innovation that addresses the inefficiencies of the economic system. He added:
„A key issue is that governments have been in a reactive mode, more like a panic. And it is now, when the first onslaught has occurred and people are back at work, that it is very important to be strategic.
Commenting on the role of the COVID-19 pandemic in inspiring new technological solutions, Giancarlo told Cointelegraph:
„One of the things that makes a crisis is to stimulate imagination and innovation. In times of peace, people do not face the stress of a normal way of doing things. And suddenly you have a crisis like this that puts a huge strain on traditional processes.“
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Conditions of the competition and possible future rounds
Introductions are welcome from everyone. Giancarlo told Cointelegraph, „The transformative nature of exponential digital technology crosses borders.
The current reception of submissions ends on July 3rd, at which time the jury will select the winners. However, Olsen hopes to continue the competition in the future to promote Fintech development.
In March, Giancarlo spoke with Cointelegraph about the Digital Dollar Project, a group of experts he co-founded to promote a digital central bank currency in the United States.