Binance has had a great month. It started with what appeared to be a massive hack that led to unauthorized selloffs of customer’s funds due to hijacked API trading bots - a situation that Binance swiftly handled with tact and care. Following their successful prevention of any losses, Binance announced a substantial bounty program to the tune of $10M that had the cryptocurrency community in applause.
Further capitalizing on the positive buzz the exchange was receiving, Binance CEO Changpeng Zhao announced a new, decentralized Binance exchange was in the works last week, and outlined plans for Binance to “transition from being a company to a community.”
Binance is solidifying this commitment, and has announced a “Dexathon” - a decentralized exchange coding competition - where members of the community can show off their coding skills, while contributing to the new Binance DEX. Those that do contribute have a chance to win a portion of a total prize pool of $1M in BNB tokens - the native coin of Binance. Best of all, there is an opportunity to win a chance to join the Binance team.
Binance also encourages university teams to get involved, which could net each university a grant of up to $10,000 per team - even if the teams are not chosen as winners.
In a statement released Friday on Binance’s blog, an overview of the program was posted along with the motivation for such a competition:
“Currently, decentralized exchanges are inefficient and difficult to operate for the average user. As a result, they generally have reduced liquidity. Cryptocurrency is evolving at a rapid rate and we must ensure that blockchain technology is able to keep up.”
The post continues:
“This is an all-hands-on-deck initiative, combining the state-of-the-art technological excellence at Binance and the best of the community to once again push the envelope in blockchain technology.”
Binance is seeking to solicit prototypes of a DEX blockchain that is “low-latency and high-throughput” to ensure the platform can meet the needs of Binance’s customers and high volume. Binance hopes for prototypes that include new token creation, the ability to trade one token with another, sending, receiving, and burning of tokens, and much more.
To be eligible for a chance to win a portion of the $1M value prize pool and a chance to become a Binance employee, all entries must be submitted to [email protected] by June 30th.