While most cryptocurrencies are launching Hackathon challenges in the space to charge developers to create something new, the blockchain technology that stands as a bridges between Bitcoin and Ethereum, Qtum took a new dimension by not tasking developers alone, but also designers and entrepreneurs, to take part in its contest, earmarking $500,000 as a form of reward.

Announcing the global virtual competition where developers are requested to build the next wave of decentralized and open-source applications, the Cryptocurrency charges the contestants to change the face of the world through innovations.

While developers are asked to team up in five for proper participation, demos are due for submission on September 16, 2018. In a bid to engage developers with knowledge on new features, Qtum will be hosting series of webinars on July 26, August 12, and September 2.

Apart from the cash reward that will be handed to the triumphant, participants will also stand the chance of winning a trip to Qtum’s Devcon 2018 which will take place in San Francisco, and the winning team’s code will also be subjected to review.

According to the release which disclosed the update, the company declared its desire to use the competition to modify face of entertainment, digital content and identification, among others, using blockchain technology.

The report added that Qtum looks to foster the growth of its platform with innovations.

Before been granted the opportunity to compete, Hackathon teams must complete participation agreement on the official website. Also, in order to be eligible as a winner, contestants are implored to agree to the terms and conditions of the event.

Qtum will make proper check of the team’s identity before handing the winner’s price.

Vetting each work at every round based on creativity, impact, simplicity, design, and Qtum usage, each teams will be scored a between 0 and 25 point and the average of the final score will be used by the judges to pick the winner.