Ethereum Based Capture the Flag?

I am a white-hat hacker and cyber security researcher since 2007 and thinking about Ethereum based Capture the Flag (CTF)https://en.wikipedia.org/wiki/Capture_the_flag#Computer_security competition.

There are various challenges would solve from the hackers on the project. Every challenge has a special token that gives to the hackers for prizes.

While ICO time, we also sell the A certain part of tokens for funding. CTF project gives other tokens to success solver.

All access passwords of challenges are a cryptographic hash that will store at the web server. When the competition time, for a challenge, if access password is true, the server will send the tokens to the hackers with the base smart-contract address (back-end geth javascript console). So that, transaction fees will be covered by ICO's funding and only send with contract address.

All challenges have maximum tokens prizes. For example; For Challenges 1:

Max tokens prizes: 2000
First Challenger: 50%
Second Challenger: 30%
Third Challenger: 10%
Others: (for every success challenger): 10 Token
If all tokens send for "challenges 1", it will close for answering. So, it will appear only the question.

After ICO time, there will be 50 Challenges. After the competition is over specific time or sending all prices, Tokens can be sold sell with our website or trading/exchange sites.

What are the problems my thinking? What are the cases I missed? Do you have any suggestions?
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