Lykke’s new contest looks to give money to developers to pursue new tech proposals that promise to aid the economic recovery in the wake of COVID-19.
As announced on May 19, Swiss cryptocurrency exchange Lykke will be offering four prizes totalling 200,000 Swiss Francs ($205,800) as part of the Open Initiative.
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 jury and the categories for tech
Judging the contest will be Lykke CEO Richard Olsen, former CFTC Chairman Christopher Giancarlo, and Ashkan Nikeghbali, a professor at the University of Zurich.
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 told Cointelegraph 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.” He elaborated:
“A key issue is that the governments have been more in a reactive, more panic-like mode.