The Royal Canadian Mint is pleased to announce that it has launched a program for developers from across North America to test and challenge a digital currency technology and to determine its applicability to the current marketplace. The MintChip™ Developer Challenge, which will accept submissions from April 4 until August 1, is part of the Mint’s ongoing research and development efforts.
“The Royal Canadian Mint has been a trusted and respected custodian of Canadian currency for more than 100 years,” said Ian E. Bennett, President and CEO of the Mint. “As part of its research and development efforts, the Mint has developed MintChip™, which could be characterized as an evolution of physical money, with the added benefits of being electronic.”
MintChip™ uses innovative technology, for which the Mint has prototypes and five patents pending. It uses a secure chip to hold electronic value and a secure protocol to transfer electronic value from one chip to another.
The MintChip™ Developer Challenge will be conducted by ChallengePost and is open to North American software developers who are invited to create innovative mobile payment applications using the MintChip™ technology. The Challenge will test the robustness and applicability of the technology with industry experts and help to guide its further development and testing by the marketplace.
Winners in three categories – Best Person-to-Person app, Best Business-to-Consumer app and Best Micropayment app – will be selected by an eminent panel of judges, while members of the public will vote for the Popular Choice Award. All of the winners will be announced in the fall of 2012.