Telegram, one of the leading messengers, is set to give away as much as $400,000 as a prize in a coding competition for developers.
In preparation for its proposed token launch, Telegram announced the staging of a contest. Consequently, it will see developers design smart contracts, suggest improvements for FunC/TON VM. They should also detect issues and suggest fixes for its new blockchain platform Telegram Open Network (TON).
How it works
The contest comprises three parts with a prize fund for all the tasks ranging from $200,000 to $400,000. However, the first and main part of the contest is the task to develop one or multiple smart contracts, using the tools given within the TON blockchain distribution.
Based on reports, Telegram expects the smart contract developers to implement at least one of the five smart contracts. They include a multi-signature wallet, two types of simple TON DNS Resolver smart contracts as well as synchronous and asynchronous two-party payment channels.
The contest’s second part involves providing improvement recommendations for the TON Virtual Machine and FunC.
Finally, the last task is a TON blockchain bug bounty competition with a lucrative offer. The participants are to submit a description and suggest a scenario for its exploit.
The TON blockchain will have a bug and the developer able to exploit this bug on the TON Blockchain by stealing some funds from the wallet of another person will be awarded a prize of up to $200,000. This also includes the $200,000 prize fund distributed among the smart contract developers. The contest will reportedly end on the 15th of October.
GRAM token expected soon
Telegram’s contest is happening amidst the long-awaited Telegram virtual token known, GRAM, expected to launch in October.
However, Telegram officially released the TON testnet explorer and node software, this month.
The proposed token, GRAM will also serve as collateral for a cryptocurrency loan company, Nexo. Accordingly, interested investors will reportedly purchase the token at triple the price paid for it in private sale.