Royal Canadian Mint $50k MintChip application challenge

Canada has no central challenge platform like the US Challenge.gov, so I was surprised to see the Canadian Mint announce...

The MintChip Challenge

"The Royal Canadian Mint is challenging software developers to create apps for MintChip, the evolution of currency."

Deadline for submissions is August 1, 2012.

This being the Mint, just for variety the prizes are in gold.  There are $50,000 in prizes overall.  The grand prize is $17k.

Best Overall Application - Grand Prize $17,000

10 oz of GOLD (1 Gold Wafer, .9999 purity), equal to $17,000

MintChip appears to involve hardware tokens: "you will be provided with a software development kit, two microSD MintChips and access to two remote MintChip accounts".

Contest is open to Canada and the US (see contest rules).