Ethereum update: Gnosis offering devs up to $100k in GNO to build on top of new DutchX platform
Dear Ethereum developers,
This is a call out to all devs looking for a challenge in one of the most exciting projects built on the Ethereum blockchain: Gnosis. The DutchX is their newest project—an open trading protocol for ERC20 tokens using the Dutch auction mechanism to [determine a fair value for tokens](https://blog.gnosis.pm/the-mechanism-design-of-the-gnosis-dutch-exchange-4299a045d523).
The DutchX [solves many of the issues](https://blog.gnosis.pm/the-main-benefits-of-the-dutchx-mechanism-6fc2ef6ee8b4) that current order book-based centralized and decentralized exchanges face. These include the high-risk of losing funds to hackers, front-running issues with miners and exchanges who take advantage of the order book, high fees, and pricing inefficiencies.
You might think that the DutchX is simply another decentralized exchange for ERC20 tokens, but it’s a lot more than that! The project is in fact [**a decentralized, open trading protocol**](https://blog.gnosis.pm/the-dutchx-as-an-open-platform-24a65c1ae94c). With low barriers to entry, and **by letting anyone integrate according to the same set rules**, liquidity will follow.
**Any decentralized application in need of exchanging tokens and/or integrating a price feed can make use of the DutchX, so the possibilities are endless!**
Find the documentation (how-to guides, links to the smart contract deployment, API, liquidity bots etc.) [here](http://dutchx.readthedocs.io/en/latest/).
In the upcoming round of [Gnosis X](https://gnosis.pm/gnosisx), Gnosis is **challenging developers to build their own use case on the DutchX platform and win up to $100,000 in GNO tokens**. Registration for the challenge will start in September.
Additionally, there is an ongoing bug bounty challenge that you can check out [here.](https://bit.ly/2uppSeA)
Don’t forget to pass by our booth if you are at [DappCon Berlin 2018](https://www.dappcon.io/), watch [Chris’ presentation](https://www.youtube.com/channel/UCoJECFCzHpr3bOTErNGwEtA/videos) where she’s announcing the release, or reach out via:
ETH research: [https://ethresear.ch/t/dutchx-fully-decentralized-auction-based-exchange/2443](https://ethresear.ch/t/dutchx-fully-decentralized-auction-based-exchange/2443)
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
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