Update: This article has been updated to include a comment from IsoHunt.

Online torrent repository IsoHunt has launched a $100,000 (£66,000) competition to encourage open-source development of The Old Pirate Bay, the popular torrent site set up in the wake of The Pirate Bay's shutdown.

The unprecedented move to offer prize money will mean that an open-source community will be responsible for developing the site rather than a closed team, therefore making the site more difficult to take down.

"Open-source will give more immunity to the whole system because anyone can run their own copy," a spokesperson for IsoHunt told IBTimes UK.

The prize money will be given out in bitcoin, a semi-anonymous form of currency that can be difficult to trace without first knowing a user's digital wallet address.

Since the notorious torrent tracking site The Pirate Bay was taken down in December 2014, millions of people have flocked to replacement torrent sites, with one of the most popular being The Old Pirate Bay.

The original Pirate Bay site was plagued by legal problems concerning infringements of copyright through illegal file-sharing and several of its founders and core developers have served prison time for their involvement.

Those involved in The Old Pirate Bay have no connection to the original site.

"Anyone can take part in the website development and moderation which will result in public recognition," IsoHunt said in a statement. "Also addition to your paycheck would be a nice surprise.

"The idea behind this message is to empower community to create OldPirateBay.org as they see it. And we're ready to reward the most active participants along the way."

The $100,000 will be distributed over the course of six months from 1 February, with $10,000 a month being given out to developers and various other prizes going to moderators and content uploading.

When asked whether receiving prizes for uploading potentially illegal content could draw the attention of law enforcement agencies, a spokesperson for IsoHunt told IBTimes UK: "Probably but it depends on your country legislation".

A countdown banner on The Pirate Bay site suggests that by the time the IsoHunt competition starts, the original site will be back up.

The Old Pirate Bay already ranks among the top 10 torrent websites in the world and IsoHunt has said that whether or not the original site returns, The Old Pirate Bay will continue operating.