Telegram, a cloud-based instant messaging service has launched a contest for blockchain developers with a $400,000 prize pool.
The competition is aimed for developing smart contracts for Telegram’s blockchain-based platform Telegram Open Network (TON), according to the announcement on the official Telegram Contest channel.
Each participant has to build one or more smart contracts, suggest improvements for FunC / TON VM, as well as find out issues and suggest fixes for TON Testnet. The prize fund for these 3 tasks is $200,000–400,000. The contest ends on October, 15 at 23:00 CET.
As previously reported, Telegram’s blockchain-based platform TON will be compatible with Ethereum thanks to Solidity compiler, which will allow decentralized applications built for Ethereum to also run on TON.
TON Labs, a tech startup helmed by investors in Telegram’s token sale, is building a number of tools for developers to help them build on the new network. One of these tools will be a Solidity compiler. The compiler has been in testing since July, TON is expected to launch by Oct. 31.
At the beginning of 2018, Pavel Durov’s team attracted $ 1.8 billion from investors to develop the Telegram Open Network (TON) blockchain platform. The system will use its own cryptocurrency Gram. The developers claim TON will be able to process transactions faster than Bitcoin and Ethereum and will compete with Visa and Mastercard in terms of payment speed.