QUID is launching a recurring hacker challenge for developers. Hosted online, participants will challenge assumptions and hack together systems in the spirit of payments innovation. Winning entries will use QUID to accept payments between 1¢ -$2. A Grand Prize of US $5,000 will be awarded to the winning entry, along with promotion of the winning idea by QUID and a 30-minute pitch session with two leading VC firms: Mistral Venture Partners and Relay Ventures. Three runner-up prizes of US $1,000 and project promotion are also available. All submissions will be evaluated based on both the originality and the market potential of the idea.
“The micropayments industry is expanding quickly,” said Mohit Cheppudira, Chief Executive Officer of QUID. “As demand to monetize content, systems and pay-per-use applications grows, there is a real need to continue innovating. QUID wants to foster that innovation by rewarding developers for their work in the industry."
"We've noticed that when we introduce people to the possibility of micropayments, they tend to have an instant flow of ideas for all kinds of cool applications,” continued Mr. Cheppudira. “QUID:Invent is sort of an "accelerator" to help bring some of these ideas to life."
The challenge is now open to the public, and all ideas that support micropayment growth are welcome. Developers can build anything that is small-payments related, and will continue to own the development and any potential earnings from their creation. Developers can enter the challenge here and submission details can be found here. Challenge rules can be found here as well as FAQs here.
QUID:Invent is a recurring hacker challenge sponsored by QUID Works to encourage developers to use QUID and to reward the best results. Think of it like a hackathon, but with more time and less pizza.