A community working group was formed in October 2016 to consider early release science with the James Webb Space Telescope that broadly benefits the transiting exoplanet community. Over 100 exoplanet scientists worked collaboratively to identify targets that are observable at the initiation of science operations, yield high SNR with a single event, have substantial scientific merit, and have known spectroscopic features identified by prior observations. The working group developed a program that yields representative datasets for primary transit, secondary eclipse, and phase curve observations using the most promising instrument modes for high-precision spectroscopic timeseries (NIRISS-SOSS, NIRCam, NIRSPec, and MIRI-LRS). The centerpiece of the program is an open data challenge that promotes community engagement and leads to a deeper understanding of the JWST instruments as early as possible in the mission. The program is managed under the premise of open science in order to maximize the value of the early release science observations for the transiting exoplanet community.