MIT BitComp first round of competition which began last month announced its first round of winners, reports Coin Desk today.
The idea for Bitcoin at MIT was announced earlier this year when the MIT Bitcoin Club raised a half a million dollars to give the 4,528 registered fall students $100 each to use as a cryptocurrency seed startup. Awareness to the ecosystem for the digital currencies was the idea of MIT sophomore Jeremy Rubin and first-year MBA student Dan Elitzer who raised the money from alumni and benefactors.
To spur on the idea a competition was announced. The Bitcoin contest which required teams of 1-5 members would include one MIT student, alum or affiliate. Non-MIT participants were eligible and competition Round 1 included 82 undergraduates, 20 grad students, 14 alumni and 1 high school student.
The three winning teams submitted a two hundred and fifty word proposal pitch on how to facilitate the use for Bitcoin in the mainstream financial ecosystem. The winning teams are:
BitTax is designed to help legitimize cryptocurrencies in order to maintain legitimate use of bitcoin transactions.
Ethos allows bitcoin owners to detach their bitcoin from the blockchain and maintain their own identity.
sWallet the third place winner allows for security and user ability in the offline wallet without the requirement of being in a trust held by the exchange.
The purpose of the Bitcoin competition was not only to prepare the MIT students for the $100 bitcoin gift this fall bit Richard Ni, a Bitcoin Project organizer, viewed the goal of this competition as moving forward the bitcoin ecosystem at MIT. He stated on the MIT website that MIT “encourages the highly talented pool of developers at MIT and other schools to develop creative and practical application using Bitcoin.”
The BitTax winning team of Tiffany Wong (MIT ’16) and Pavleen Thukral (Georgia Tech ’16), believe that Bitcoin is changing the world and they want to a part of the revolution in payment transactions and exchange of digital currency. Their project raises Bitcoin to the level of legitimacy.
The Ethos team concluded that they could move Bitcoin into more user friendly ownership if identity could be established per user as opposed to being part of the block chain. The sWallet team saw an opportunity to push Bitcoin into mainstream by providing a user friendly system with security.
The award for Round one is $250 to each of the three winning teams; Round two with a deadline of July 27 will award three $750 team prizes and the opportunity to enter the final round with five $1500 prizes and the $5000 grand prize is in the Fall. Deadline entry for the third and final round is August 24. The MIT Bitcoin website provides entry details. Application for Round two does not require competition in Round one.