by Joseph Young
On December 14th, blockchain startup Factom announced the start of a 12-day Twitter bounty contest with a prize of US$100 in bitcoin and 100 factoids for best Tweets regarding use cases or ideas for new bitcoin and blockchain-based projects. The contest ends at 8 pm CET, so there is still time to participate.
The Factom team will be judging each entry on its creativity and usage of the blockchain technology in providing decentralized verification and record keeping systems to businesses and institutions. General feedback from the Bitcoin community on Twitter, including the number of retweets, quotes and comments, will also play an important role in the decision.
“We always encourage people of all ages to maximize the potential of blockchain. The 12 Days of Factom has been developed as a fun, community building activity. The future holds opportunities for expansion on this Factom bounty concept but this current bounty is focused on engaging the community and general merriment.” Factom Marketing Specialist Crystal Wiese told BTCMANAGER.
Blockchain technology as an unalterable and irrefutable ledger of information and financial data can be used to help cross-industry institutions and organizations manage assets or smart contracts with greater levels of transparency, securely.
Due to its unprecedented measures and protocols of security, the blockchain technology can be applied in a wide range of applications, including voting systems, legal applications and medical records.
Contestants in the 12-day Factom Twitter bounty are encouraged to submit potential blockchain-based application or project ideas that could help businesses and institutions in different industries.
Some popular entries so far have included securing government records, verifying authenticity of medications, improvements in real estate records, and managing loyalty reward points.