A little definition:
A Prussik knot is tied onto another larger rope and can be slid up and down the rope.
When the 'tail' is pulled, it will attach itself to the rope.
Pairs of these can be used to climb up ropes easily.
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Signing UpStep 1What you need - Skill and a rope
Paracord - The one pictured below is 2 metres, but this changes depending on your belly circumference.
Karabiner - Optional, good for holding the end of the rope, and tying the prussik around
Skills:
How to make a prussik - Next step.
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But that looks more like 6 or 7mm perlon cord-- considerably thicker than skinny paracord.
Maybe you should ask the admins if it's OK to submit this to the contest...
http://www.instructables.com/id/Paracord-bracelet-with-a-side-release-buckle/