Swiss cryptocurrency exchange Lykke will be offering four prizes totalling 200,000 Swiss Francs ($205,800) as part of the Open Initiative. According to an announcement from May 19, the initiative is looking for new proposals from developer teams for blockchain-based solutions to problems linked to current economic turmoil, divided into four categories.
The contest will be judged by:-
- Lykke CEO Richard Olsen
- Former CFTC Chairman Christopher Giancarlo
- Ashkan Nikeghbali, a professor at the University of Zurich
Meanwhile, the four categories are blockchain-backed platforms for digital vouchers, supply chains, a real-time economic news system, and the more general category of research initiatives.
Olsen says that he views major technical innovation as the next stage of economic recovery:
“What’s lacking is profound innovation that addresses the inefficiency of the economic system.”
“A key issue is that the governments have been more in a reactive, more panic-like mode. And it’s now, as the first onslaught has happened and people get back to work that it’s very important to now be strategic.”
Commenting on the role of the COVID-19 pandemic in inspiring new technological solutions, Giancarlo said:
“One of the things that a crisis does is it stimulates imagination and innovation. During peaceful times, people are not faced with the tension on a normal way of doing things. And then suddenly you have a crisis like this that puts enormous tension on traditional processes.”
Giancarlo further said “The transformational nature of exponential digital technology crosses borders.”
Submissions are welcome from all over the world and ends on July 3, at which point the jury will select winners. However, Olsen hopes to continue the contest further into future to promote further fintech development.