The VeChain Foundation has recently announced three ongoing developer bounties and the first Application Development Challenge to support developers in the space. The information was released by VeChain on February 25 in a press release.
This new program will be focusing on attracting investors boosting the development of qualified apps and businesses. According to the Foundation, using the VeChainThor Blockchain for commercial applications owners or sponsors can pay users’ transactions. Thus, users will be able to get the full value of blockchain technology.
The press release explains that the challenge is entitled VeChain Application Development Challenge and leads up to the Vechain developer conference. There will be a reward pool of over $170,000. All the developers that have a live application on the VeChainThor main net can participate. The prize will be divided between 8 applications, 5 of them voted by the VeChain community and 3 of them by the VeChain Foundation Assessment Team.
As per the press release, a list of submitted apps will be published for the community to start voting on them. The Foundation Assessment Team will be evaluating the eligible apps and it will be selecting the top 3 to win the Foundation Awards. The prizes will be announced during the VeChain Summit 2019 on April 2018.
VeChain operates in different countries such as Luxembourg, Japan, France and the United States, among others. VeChain’s goal is to connect blockchain technology to the real world by providing a comprehensive governance structure and many other services such as IoT integration.
At the time of writing this article, the VET cryptocurrency used by the VeCHain network is the 24th largest digital asset in the market. Each VET coin can be purchased for $0.00445 and it has a market capitalization of $247 million.