Coinbase Announces Bitcoin Hackathon with $70,000 in Prizes

Coinbase has announced details of its second hackathon competition, including $70,000 in bitcoin prizes and an all-star judging panel.

The company, which offers a number of developer tools, says it is seeking apps that will find new use cases for bitcoin and make it "more approachable".

Prizes range from $10,000 (1st place) to $500 (5th place) in bitcoin at the time the awards are delivered.

Judging the submissions will be investors Adam Draper, Chris Dixon, and Fred Wilson, alongside Gavin Andresen, chief scientist at the Bitcoin Foundation.

Developers that make it into the judge's top five will have a chance to compete for a place in Silicon Valley bitcoin accelerator Boost VC, run by Draper, which includes $50,000-worth of support, mentoring and accommodation.

Over 112 entries were received for last year's event, with a geotagging app named CoinPlanter – which allows users to ‘dig’ or ‘plant’ bitcoin – scooping the $10,000 grand prize.

Coinbase previously stipulated that entrants should use its API. However, this time round developers are free to choose between Coinbase and other APIs like VC-backed Chain, Gem and Boost VC alumni BlockCypher.

The hackathon is open to developers everywhere but applications must be filed before 19th May.