RIPPLE NEWS

On Twitter, Ripple announced the launch of the CBDC Innovate challenge.

On Twitter, Ripple recently announced the launch of the CBDC Innovate challenge:

Today, we’re launching the CBDC Innovate challenge – with a total prize pool of $197k! Participants will use our #XRPL #CBDC sandbox to drive financial inclusion, interoperability, and retail payments solutions. Initial round submissions due August 25.

On a separate site, the tasks of CBDC Innovate were indicated:

The Ripple CBDC Innovate challenge is designed to promote the building of applications for financial inclusion, interoperability & retail CBDCs. The XRP Ledger – or XRPL – is a decentralized, permissionless, open-source blockchain that anybody can contribute to, develop on, and transact on. The XRP Ledger was the first blockchain to allow the tokenization of assets. Regardless of whether the assets are fiat, cryptocurrencies, NFTs, or other forms of tokens, the XRP Ledger’s built-in tokenization functionality and built-in decentralized exchange make it ideal for developers to add the decentralized management of tokens to their applications.

The categories to which projects can be submitted were described as follows:

In this event, you may choose any of the following three categories to submit to: 

Categories :

• Interoperability – Build a solution to enable CBDCs to work functionally and bridge with other digital assets (CBDCs, NFTs, stablecoins, etc.)
  • Digital assets are increasing in importance as the world increasingly moves closer to Web 3.0. However interoperability remains a challenge which may impact CBDCs.
  • What does this mean for different denominations of CBDCs? What about cross-border transactions? Can different CBDCs be held in the same wallet? How do non-CBDC assets affect CBDC operations?
• Retail-Facing – Build an interface that works with a CBDC (in a hip and fashionable way) for any human to interact with a CBDC.
  • Access to financial institutions for underbanked and unbanked individuals has been a pain point for many in developing nations.
  • Can a CBDC be utilized in an offline environment? How easy will a CBDC be to use for users? How can a CBDC be integrated into different existing financial systems?
• Financial Inclusion – Build a solution that can leverage the benefits of a CBDC
  • Can a retail CBDC have additional functionalities to bring banking services to underserved populations?
  • How else can a CBDC enable spending power from traditionally marginalized communities? Ex: P2P Lending