Greetings and thank you for your strong support towards KatalystCoin so far!
Today we have an important update to make about the International Blockchain Competition 2018, related to the essay category.
We have received requests for clarification from some participants that they are not very sure of what it means by “business implications and practicality of the essay”.
The Katalyst team considered this feedback and we have unanimously decided to add an additional clause under “Terms and Conditions” of this competition.
A handy rule-of-thumb to decide whether the proposed idea has business implication is to see if any venture capitalist/ investors are willing to put money investing in the idea.
That is to say, after writing the essay, be sure to ask yourself if a private/ institutional investor would be willing to put money to fund your idea. Even simpler, ask yourself–would you be willing to put your own money to bringing the idea into fruition? If yes, why and if no, why not?
As such, we will be evaluating all essay entries in accordance to the above simple guideline.
We hope this clarifies the definition of “business implications” and look forward to reading all entries!