The race is on to crack the code of aging, and there's a US$1 million prize for any scientist that can engineer a "Fountain of Youth."

Teams of scientists from around the world are encouraged to join the competition that has the sole goal of ending ageing. The contest is called "The Palo Alto Longevity Prize."

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There are currently 11 teams taking-up the challenge.

The prize aims to attain two objectives. The first is that the scientists should be able to extend the lifespan of a "reference mammal" by 50 percent.

A hedgehog's lifespan, for example, will need to extend to seven and a half years, from the five it normally has. Mice though, are the most common mammal used for similar experiments.

The other objective is to restore the homeostatic capacity of an organism. Homeostasis is the property of a system in which certain variables are regulated to allow for internal conditions to remain the same.

In humans, an example of homeostasis is the regulation of body temperature by producing or releasing heat, ensuring the central nervous system doesn't break down when temperature rises.

As the years pass, homeostatic capacity decreases, with elderly people losing it altogether.

By restoring this capacity, therefore, an organism can stay younger.

Each of these objectives is worth US$500,000 each.

Researchers in the field of longevity have complained their studies are generally underfunded, having yearly budgets of US$4 million.

While US$1 million doesn't seem sufficient,  it may affect the landscape of longevity research as a whole by prompting better research and better breakthroughs.

The contest and the prize money were put forward by physician, life-enhancing advocate, and hedge fund manager Joon Yu.

The deadline for team registration is January 2015.

TagsThe Palo Alto Longevity Prize, Fountain of Youth, Joon Yu