Skey Network, a Polish blockchain company, is offering $1 million to start-ups, individuals, and companies that can build the strongest IoT blockchain applications. Skey built a connection that combines IoT with blockchain technology. The cryptocurrency-based competition aims to accelerate the use of blockchain-based businesses and technology.

Skey Network will offer a total prize fund of $1 million in Skey tokens to 10 winners in conjunction with the introduction of its own proprietary blockchain. The prize cash is split into a number of grants distributed at various points throughout the competition, with 10 top prize winners and a special prize for the best overall project.

All rights to products created as part of the competition will be retained by the winners. The jury is made up of well-known figures from the realms of IoT, smart cities, and blockchain.

The competition is meant to reward developers and support further innovation in establishing smart city technologies on the blockchain by providing a platform for unique ideas, concepts, and prototypes created on the Skey blockchain, which could underlie the smart cities of the future.

Entrants can submit a finished product, service, or software, as well as a concept that they plan to develop. The deadline for applications is January 7, 2022. In May 2022, the winners will be announced.

The smart city, sharing economy, Oracle, security, defi (decentralized finance), and NFT are the categories.

Skey Network combines Oracle, BoT, and defi technologies to generate Smart NFT, a one-of-a-kind access key. This allows blockchain-managed access to physical assets like vehicles and apartment buildings, as well as sharing economy assets like smart bikes. Competitors are encouraged to consider any component of future smart cities and create a product to support them.

“The decision to create our blockchain was really about utility and our vision of creating a universal standard of communication for all IoT and BoT devices to enable the smart cities of the future,” said Szymon Fiedorowicz, CEO of Skey Network. “The Skey challenge is a way to encourage innovation in this arena and to reward the biggest and best ideas from around the world. This is part of our commitment to underpinning future use cases for smart cities and we can’t wait to see what our competitors can create.”