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Coinbase, the world’s leading online Bitcoin exchange site and one of the leading Bitcoin payment processing companies, announced the details of their second hackathon today. It includes a “star-packed” judging panel as well as a massive $70,000 in prizes.
Coinbase offers multiple developers tools for the contestants and will be looking to find new applications that will make the Bitcoin easier to approach for the mainstream public and thus increase the focus on it and also make it easier to use.
The initial prizes for the top five winners will range from $10,000 down to $500, but the five best submissions will also be competing for the chance to win a place in Boost VC, which is a Silicon Valley Bitcoin accelerator company. Here they can win $50,000 in support towards their application, as well as accommodation and mentoring.
Adam Draper, Chris Dixon, Gavin Andresen and Fred Wilson will be the judges who has to judge all the submissions received and decide who will win the cash prizes and get to compete for the $50,000 Boost VC support.
Last year’s competition had the submissions only using the API’s from Coinbase themselves, but the rules have changed for this year, allowing the contestants to use API’s from other companies they find suitable to develop the best product.
Last year Coinbase received a total of 112 entries into the competition, expecting the numbers to be higher this time around. The competition is still open to submissions, you do need to submit it before May 19th to be considered however.