VeChain Announces Developer Bounty and Application Development Challenge

ยท in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The VeChain Foundation announced a new developer bounty for the VeChainThor blockchain. At the same time, it has also launched an application development challenge. The main intention behind it is to boost application development. This will also allow people to know more about VeChainThor’s features. The information was released by the VeChain Foundation on Medium a few days ago.

VeChain Announces New Developer Bounties

According to VeChain, their mission for 2019 is to create valuable transactions. Additionally, they also want to build the developer community. This is why the company has built the VeChainThor blockchain thinking about mass adoption.

So as to boost application development, the VeChain Foundation announced three developer bounties and the Application Development Challenge. The challenge will have a total reward pool of 40 million VETs. Furthermore, teams will also be showcased by the Foundation and ecosystem builders to several companies.

To participate teams can send their application development idea and plan and receive between 100,000 and 1 million VTHO. This would allow individuals to start developing these applications in an easier way.

Development teams can also plug in their applications to the VeChainThor Supercharger. This is a program that sponsors user transaction fee of an application for one month. The five most voted applications by the community by April 12th will be announced at the 1st VeChain developer conference. Moreover, 3 Connex compatible applications selected by the Foundation will also be announced. These participants will be receiving 40M VETs.

These are going to be the prizes for the Foundation Awards:

  • 1st Prize: 12M VET Coins
  • 2nd Prize: 8M VET Coins
  • 3rd Prize: 5M VET Coins

Those applications voted by the by the community will be receiving the following prizes:

  • 1st Prize: 5M VET Coins
  • 2nd Prize: 4M VET Coins
  • 3nd Prize: 3M VET Coins
  • 4nd Prize: 2M VET Coins
  • 5nd Prize: 1M VET Coins

VET is currently one of the most popular digital assets in the market. At press time, VET is the 25th largest cryptocurrency. It has a market capitalization of $215 million and each coin can be purchased for $0.00388, according to CoinMarketCap. In the last 24 hours, VET lost 1.14%, similar to how other digital assets behaved during the same period of time.

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