Business 17 July 2018

Jasmine Solana

Are you up for it? Join CoinGeek’s £5M challenge to put tokenization on Bitcoin Cash chain

CoinGeek has updated the terms and conditions for its £5 million challenge to put tokenization on the Bitcoin Cash (BCH) chain, in a bid to provide more clarity in areas such as intellectual property (IP) ownership.

To date, more than 50 teams have taken on the challenge to design a tokenization solution that is powered by the BCH network and its associated test networks. So far, CoinGeek has already seen three impressive drafts of white papers solving the token and smart contract issues and expects the solutions to be rolled out before the CoinGeek Conference in November.

And so, to provide more clarity on the terms and awards of the contest, CoinGeek has released the “First Addendum to the Smart Contracts Tokenization Request for Proposal (RFP)”. The updated terms (available here in full), essentially provides that the ownership of the proposed BCH solution will be held entirely by nChain, one of the tech groups leading the development of Bitcoin BCH.

The first addendum also provides for a “Master Agreement” in place of the previous “Master License Agreement”, whereby the developer acknowledges that all IP ownership is with nChain. Finally, the addendum includes a form of IP assignment from the developer to nChain. This will be signed upon the awarding of the first tranche of prize money amounting to £2.5 million paid in BCH at the daily average rate as reported on Cex.io.

Solutions will be available open source on BCH

As soon as the solutions are ready, nChain will release them all open source on the Bitcoin BCH network only.

The tech group may provide support from technological to research and IP to the developer or developers at its discretion. The group may also seek to facilitate collaboration between the developer’s BCH solution and other development projects that nChain, contest sponsor Smart Contracts Ltd or CoinGeek are supporting. nChain will “not be reimbursed for its expenses for providing such support”.

“To the extent that nChain permits the use of its intellectual property to be used in the BCH Solution, ownership of such intellectual property will remain with nChain. The grant of such licenses to the Developer shall be at the sole discretion of nChain and shall be evidenced by nChain and the Developer entering into ensuing licensing agreements,” according to the document.

The CoinGeek £5-million design challenge is still open and aims to enable other solutions to also be developed and released open source on the BCH platform. More information about the CoinGeek tokenization contest can be found here.

As the only coin that follows the original Satoshi Nakamoto white paper, Bitcoin Cash has the best scaling and security features. This is why we encourage all merchants and companies to take a serious look at Bitcoin BCH, as it’s the best on the market for payments and will soon be best of breed in all other areas, including smart contracts and tokens.

If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Register here, and be one of the first to know when tickets go on sale.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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