The Pistoia Alliance organized a competition called Sequence Squeeze to develop novel open-source algorithms for compressing DNA sequencing data files (FASTQ format) more efficiently. Over 100 algorithms were submitted by 12 entrants. James Bonfield won the $15,000 prize for algorithms that achieved the best balance of high compression ratio, fast speed, low memory usage and perfect accuracy when decompressing. The competition aimed to advance storage of large genomic datasets.