Wang Yingjian, founder of XCon XFocus Information Security Summit and also initiator of the XPwn event, explains the event at the launching ceremony on Tuesday in Beijing. [Photo provided to chinadaily.com.cn]

By spotting potential security loopholes and coming up with better security solutions, geeks can actually help make the future world smarter and safer, said cyber security experts at the launching ceremony of an event to invite geeks around the world to challenge the existing smart devices.

"We hope that the platform of XPwn can serve as a platform for the candidates to display their innovative thinking about new technology and new equipment," said Wang Yingjian, founder of XCon XFocus Information Security Summit and also initiator of the XPwn event.

"We will disclose the spotted loopholes in a responsible way. Our aim is to push the manufacturers to repair the potential security problems in time and pay more attention to security issues and explore better security solutions and improve the quality of their products."

By spotting loopholes, XPwn is actually exploring new possibilities for the development of future technology and will create more new values, according to industry insiders.

Players are encouraged to not only dig deep potential security vulnerabilities but also come up with security updates and more sound security mechanism.

XPwn will set up a prize pool of 5 million yuan ($773,000) for promising players to fetch. Some prize-winning players also have access to professional mentors and angel funds to commercialize their technology.

Challenges can be made to devices in areas like smart terminals, smart wear, smart home, smart vehicles and online to offline products.

Those who are interested can begin registering Wednesday when the official website of the event is launched.