Israel: Aleph offers USD 50,000 funding round for Bitcoin developers

The fund is calling for the development of a Bitcoin block chain-ready system that reduces transaction costs for an ‘appcoin’ to be used in conjunction with Aleph’s entrepreneur-focused social platform project, Karma. The finalist will receive a USD 50,000 convertible note reward.

Vitalik Buterin, the co-founder of Bitcoin Magazine, defines an appcoin as a protocol which integrates a token/currency system and, as such, the system is responsible for generating fund values for the protocol itself.

Aleph has outlined the key requirements for the would-be winners of the sum of money. It implies that any system must be functional and practical, serving as a model for potential deployment. Most importantly, any submission must demonstrate the capability of delivering the lowest possible effective per-transaction fees.

The 15th of June 2014 is the entry deadline for those who wish to participate.

The Karma platform will use a Bitcoin-based currency that will act as a vehicle for rewarding peer-to-peer cooperation between users. The technology is aimed at forming the basis of an internal messaging system within the platform as suggested in an 18th June blog post on Aleph’s official site, cited by the source.