CoinGeek Creates $5 Million Contest to Tokenize Bitcoin Cash (BCH) Network
After the latest update of the terms and conditions concerning the ongoing CoinGeek challenge, sections describing aspects such as intellectual property (IP) ownership will become clearer. The objective of the competition is to introduce tokenization on the Bitcoin Cash (BCH) network and it has a top prize of $5 million.
As at the time of writing, the competition had attracted over fifty teams, all of which aim to create a tokenized solution based on the BCH. Up to date, the CoinGeek platform has already approved three startups that have demonstrated the capability of developing projects that solve the smart contracts and token issues using the BCH infrastructure. These projects are scheduled to go live before the year ends.
As mentioned earlier, the amendment of the contest's terms is meant to reduce the ambiguity reading certain sections of the conditions. Fundamentally, the new provisions declare that the proposed BCH solution will be entirely owned by nChain, a leading developer team in the BCH network. Additionally, the updated terms also replaced the Master License Agreement section with the Master Agreement. Here, the terms acknowledge that nChain has the full rights to the IP ownership.
After the tokenized solution is ready, nChain will avail them publicly on the BCH network. However, the nChain developer team will only provide technical support to other developers out of volition. Moreover, if nChain permits a third-party developer to use their intellectual property to create a new solution, nChain will still have ownership rights over the newly established solution. Similarly, the transfer ownership is only admissible when the third-party complies with the nChain licensing agreements.
Currently, BCH is the only cryptocurrency that is adherent to the terms stipulated in the original Satoshi Nakamoto whitepaper. For this reason, BCH is one of the safest and most scalable blockchain networks in the market. Soon, the network will introduce smart contracts and tokenized solutions. To be a participant and learn more about the BCH community, individuals are encouraged to attend the upcoming CoinGeek convention in November.