The XPRIZE foundation organizes competitions with serious cash prizes to kick start innovation in a certain area. For instance, it organized a competition for new carbon capture technologies.
I think that these sort of competitions can be really valuable, however, I think the XPRIZE foundation is too centralized and their competitions are too narrow in scope. That is why I had the idea about the DXPRICE: a decentralized XPRIZE on the Cardano blockchain. It would need people to be able to vote, stake and verify that is why I guess blockchain technology such as Cardano is ideally suited to built a community driven XPRIZE alternative on.
The most difficult challenges would be:
- Verification of the submissions to the competition.
- Creating a way to keep competition suggestions ethical and positive.
- Making sure competitions have fair and clear rules.
Curious to hear peoples reactions/ideas.