July 8, 2014
MIT has maintained a constant hype around Bitcoin even though mainstream news outlets seem to be ignornig it. To that end they have designed a competition, the MIT BitComp, as an extension of the MIT Bitcoin Project. Last week MIT announced the results of round 1 of their competition in which teams were asked to submit 250 word pitches for a Bitcoin related venture.
Each team entering BitComp is required to have at least one MIT student, alum, or affiliate, but non-MIT participants are also eligible to compete. The participants of round 1 included 82 undergraduates, 20 graduate students, 14 alumni, and 1 high school student. Of the 44 pitches submitted, three were chosen to receive $250.
The 3 winners are:
- BitTax: A platform designed to help legitimize cryptocurrencies by providing a way for users to correctly file Bitcoin related taxes.
- Ethos: A blockchain technology designed to decentralize online identities, allowing people to regain control and ownership of their own data.
- sWallet: A platform that brings bitcoin to the masses with a wallet that provides security and usability without requiring trust
Round 2 of BitComp stipulates that participants must now submit a demo video for their work in progress, and the deadline is Saturday, July 27. The cool thing is that round 2 is open to participants who didn’t compete in round 1.
“A Bitcoin ecosystem is emerging at MIT, which encourages the highly talented pool of developers at MIT and other schools to develop creative and practical applications using Bitcoin,” says Richard Ni, one of the Bitcoin Project organizers.
“Bitcoin has the potential to change a lot about our world. We want to be a part of that but we also want to be responsible about it… Let’s make Bitcoin legit,” explain the creators of BitTax.
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