The Royal Canadian Mint is holding a competition in support of its digital currency, MintChip. To quote the Mint: “Change is good, this is better.”

Developers are invited to create applications for MintChip and to devise scenarios for its use.  The MintChip Challenge is part of Canada’s initiative to be prepared for cash to follow entertainment and so many other physical things into the digital age.

Prizes totaling $50,000 in gold are up for grabs, along with promotional exposure backed by the international reach of the Royal Canadian Mint. Apps will be judged on how well they demonstrate MintChip’s potential and on how much impact they could have on the use of digital payments.

MintChip value can be stored and moved via email, software applications, or by NFC – physically tapping devices together. Developers participating in the competition will receive a software development kit (SDK), two microSD MintChips, and two remote MintChip accounts they can use to integrate the Mint’s technology with their digital payment applications.

Each entry must also submit a video demonstrating their app as proof of concept. These videos will be accessible for viewing by the public, who will be able to vote for a Popular Choice award, and of course will be viewed by the panel of judges.

The submission deadline for applications is July 11, 2012, at 5 p.m. EST. Judging and public voting will begin on August 1, 2012 at 10 a.m.EST, and will end August 29, 2012 at 5 p.m. EST. Winners will be announced on or around October 3, 2012.

Related links:

Royal Canadian Mint – official site

MintChip Challenge – official site

MintChip Challenge – developer’s site

MintChip Challenge – registration

Photo by Flickr user Avatarshark , used under Creative Commons license