The point is very simple - you need to invent and implement anything in the gland on logical chips: you can go on the breadboard, you can on the printed circuit board, you can use a bunch of wires - whatever you like. You can not only take the simulator work. A whole bunch of prizes, so it will be difficult to leave empty-handed.
Judging criteria are as follows:
Hilarity ("noisy wild fun")
Originality
Quality of documentation
Unorthodox use of chips (for example, as an AM transmitter)
Technical ingenuity
Build quality
Imagination and creativity
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What to do?
There are no restrictions, but the more original and unexpected - the higher the result will be. It is not necessary to do something on hundreds of chips, you can win on very simple, but original schemes.