Interested participants and bystanders can learn more at hack.ether.camp. The competition is hosted by Ethereums block explorer and contract analysis tool .
The winning app creator gets $50,000 in Bitcoin, Ether, or any other major cryptocurrency of their choosing - at current market rates, that would be about 74.5 BTC or 4,500 ETH. Not too shabby!
The competitions second season, submissions to the hackathon will be reportedly judged by a 13 member panel featuring prominent experts from the Ethereum and Bitcoin communities. A trailer provided by the competition is embedded below.
http://www.huffingtonpost.com/david-seaman/50000-ethereum-hackathon_b_11068074.html