Canadian Mint handing out $50,000 worth of Gold to app developers in MintChip Challenge

Ian Hardy

April 4, 2012 6:38pm

Gold, lots of gold up for grabs! $50,000 worth of the good stuff. The Royal Canadian Mint has created the “MintChip Challenge” and they want developers “to create innovative digital payment applications.”

Now that the penny is officially retired, the Mint says this MintChip is the “evolution of currency” and want interested developers to build apps and demonstrate the possibilities of the MintChip. According to their promo video MintChip is “currency in a digital form” and will eventually allow users to securely load value onto a smartphone, USB device, tablet, cloud, or “maybe on some future device that doesn’t even exist yet.”

“MintChip brings all the benefits of cash into the digital age. Instant, private and secure, MintChip value can be stored and moved quickly and easily over email, software applications, or by physically tapping devices together.”

In the rules for the competition it states that there’s a limit of 500 registered participants and the end date for submission is on July 18th. Currently the Mint is looking for apps to be built for iOS, Android, BlackBerry, Windows Phone, desktop and mobile browsers. The judging panel will award the gold to the developers who best demonstrate the potential value and greatest potential impact of MintChip.

(Best Overall Application – Grand Prize is estimated to be worth $17,000, 10 oz of GOLD)

Check it out here at the Mint

  • Michael

    Sounds like all those virtual payment systems (i.e. Interac)are going out of business.

  • BigGuy

    Sounds like a hoax to me… late April fools?

  • grahamf

    My understanding that it will be an attempt to make an alternative to Bitcoins?

    I think they’d better just make an alternative to Visa.

  • Brandon

    “Yes sir, I just moved my companies $10,000,000 in assets to my secure USB drive. I’ll be taking it to the swiss bank later on”

    Later that day

    “Oh god.. where did that USB drive go?”

    Personally, I like my funds in the purest form that it was invented for. CASH.

    • centrum87

      “Yes sir, I just moved my companies $10,000,000 in assets to my secure cash briefcase. I’ll be taking it to the swiss bank later on”

      Later that day

      “Oh god.. where did that briefcase go?”

    • Matt

      As I understand, the USB is just an identity device, not holding the actual cash.

    • Penguin

      Download money to a USB key, that’s funny. Did you learn that from a movie?

  • Justin

    Oh no! I just formatted that 10 million dollar carrying USB key!

  • LadyR

    You people are morons. How is a USB any harder to hold on to than change? Personally, I can’t wait for the day when all I need to bring with me is smartphone to pay for things. Having a wallet full of cards is inefficient and quite frankly, risky. I’m much more likely to notice my phone gone than my wallet, and even if it were stolen I’m sure there’s a kill switch to remotely wipe the device, and developers will probably protect payment apps with some form of human identification requirement (even if it’s just the primitive PIN number.)

    Even with our current system- cash can die for all I use it. I never carry it, and when I go somewhere that doesn’t accept Interac I generally choose not to give them my business.