NEW YORK -- BitSyncom is planning a contest to create an open source printed circuit board design for its second-generation ASIC chips. The new chips will use a 55nm technology and reportedly will run four times as fast as the firm's first-generation 110nm chips. The winner will receive 5,000 chips, totaling 7.5 TH/s overclocked.

Following a reference design released after announcing the first-generation products last April, several users began working on developing open source designs, but these were never completed. BitSyncom resolution is to offer the 5,000 chip prize for the best open source design for the second-gen chip.

The application process will include basic questions guiding experience and past projects to filter viable candidates. There are 50 slots available, and accepted individuals or teams will receive 10 55nm chips for use in developing their boards.

The contest begin Oct. 10 and entrants will have one month to submit their designs. The team will internally assess each candidate design and select one winner to receive the 5,000-chip prize. After the contest is completed, all designs will be open-sourced and provided to the bitcoin community.