- The XRP Ledger (XRPL), will be the focus of a conference titled CBDC Innovate.
- Non-fungible tokens and stablecoins are intended to be interoperable in the first category.
Financial inclusion and interoperability for retail CBDCs are among the goals of Ripple, a San Francisco-based corporate blockchain provider. The hackathon will award a total of $197,000 in cash prizes. Ripple’s decentralized, open-source blockchain, the XRP Ledger (XRPL), will be the focus of a conference titled CBDC Innovate.
Focus on CBDC Development and Adoption
Fintech and payment solutions are needed for the contestants in one of three areas. Non-fungible tokens and stablecoins are intended to be interoperable in the first category, and developers are urged to devise a solution to this problem. The second category of competition requires an interface for customers to communicate with CBDCs. Finally, developers are asked to propose a solution that can use the benefits of a digital currency in this area.
The deadline for submitting ideas is August 25, 2022, and the winners will be revealed on September 8, according to the hackathon website. All regions except Brazil, Crimea, Cuba, Iran, North Korea, Quebec, Russia, and Syria are eligible to enter the tournament.
The number of nations considering CBDC products continues to grow, and Ripple has stepped up its investment in the technology. CBDCs may be minted, managed, transacted, and destroyed using the company’s XRP Ledger-based platform. In order to test CBDC solutions, Ripple has collaborated with several governments and banks. It teamed with Bhutan in September 2021 to test the country’s CBDC. Bhutan was able to use Ripple’s CBDC platform for retail, cross-border, and wholesale payments due to the partnership.
The firm and the Republic of Palau formed a partnership in November to investigate and create plans for the country’s first digital currency. Ripple and the Digital Euro Association (DEA) cooperated earlier this year to share knowledge and experience on CBDCs.
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