The blockchain news today show that a new contest is underway and Telegram is the one hosting it. As the details show, Telegram will award developers a notable prize for their efforts – which is doing their best to build smart contracts from scratch. The awards will come through the native cryptocurrency of Telegram, the Telegram Open Network (TON) Blockchain token.
As described in the attached TON Contest document, the competition will be diversified in three parts with a total prize fund for all the included tasks – ranging from $200,000 to $400,000, as an announcement posted on the Telegram Contests channel on September 24 shows. The contest is about to end on October 15.
As the sources claim, the main role of the competition is to build one or more smart contracts using the tools provided in the TON Blockchain distribution. Telegram will award around $200,000 to the best developer.
There are two other optional tasks, too. They include improvements suggestions for TON Virtual Machine and FunC as well as the TON Blockchain bug bounty contest, according to the company.
Telegram will award big money to the developers. As the details from the competition also reveal, the company expects smart contracts developers to implement at least one of the five smart contracts. This will include multi-signature wallet, two types of simple TON DNS Resolver smart contracts, a synchronous two-party payment channel as well as an asynchronous two-party payment channel.
Meanwhile, all of the participants in the TON Blockchain bug bounty contest should submit a description and a potential scenario for its exploit, according to the rules set by Telegram. If the developers manage to exploit the bug in the TON Blockchain by stealing funds from the wallet of another person, Telegram will award a larger prize of up to $200,000 in addition to the $200,000 prize fund which is distributed among smart contract developers.
What’s also interesting is that this contest comes right before the long awaited digital token by Telegram, Gram, which is about to come in October (as previously reported in our latest cryptocurrency news.
However, the TON testnet explorer has been already released in an official event by Telegram on September 6th, along with its node software.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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