Stan Higgins | Published on September 2, 2014 at 15:35 BST
The final winners of the summer-long bitcoin app development contest at the Massachusetts Institute of Technology have been announced.
The grand prize of $5,000 went to the team behind Ethos, a platform for establishing and maintaining private online identification using the block chain. The team previously picked up prizes in the first and second rounds.
The MIT BitComp, first announced in June, offered $15,000 in cash prizes to spur development of bitcoin apps and get the campus more engaged with digital currency in the run-up to the fall semester. The MIT Bitcoin Project, which organized the competition, plans to distribute $100 in bitcoin to each undergraduate sometime this month.
In addition to the grand prize, five other awards valued at $1,500 were given to contest participants. These included the Awesome Award, which went to a social favor app called Fireflies that utilizes bitcoin.
Guy Zyskind, a member of the grand prize-winning Ethos development team, commented in a statement that the promise of digital currency lies beyond its use as a payment system, noting: