More than 100 central banks around the world are actively exploring a central bank digital currency (CBDC). And, the truth is, many countries are exploring how to issue CBDCs and which use cases are the best place to start.
That’s why Ripple is on the lookout for developers ready to change the face of digital currencies to join us for Ripple’s CBDC Innovate, a competition that invites enterprise and individual developers to create CBDC applications for reward bounties!
CBDCs will be a game-changer for central banks, enabling better interoperability of payments and transfers, accelerating retail-facing transactions, and promoting inclusive financial frameworks for digital assets. With CBDC Innovate, Ripple is looking for developers eager to build CBDC applications in the following categories:
Interoperability - to enable CBDCs to work functionally and bridge with other digital assets (such as NFTs, stablecoins and more)
Retail - to more easily allow any human to interact with a CBDC
Financial Inclusion - to bring the un- and underbanked into the current financial system using the benefits of CBDCs
Devs, Come Build CBDC Apps for Real-World Use Cases
Through the competition, Ripple hopes to encourage the development of applications that can be leveraged for real-world use cases. Interested developers should consider:
How will CBDCs be used by fintech solutions and payment service providers?
Can CBDCs compete with retailers that already offer payments via cryptocurrencies?
How do CBDC solutions meet the needs of those without access to financial services?
CBDC applications should be designed with the goal of improving transparency and interoperability between central banks and digital assets. While many countries are exploring digital currencies in some capacity, the way forward for implementing CBDCs is still evolving. That’s why providing frictionless, fast payments that are highly secure will be a key factor when evaluating a successful CBDC Innovate application.
CBDC Innovate: A Challenge in Two Phases
CBDC Innovate will be conducted in two phases.
Phase 1 is open to all qualified applicants with a total prize pool of $47,000 USD. Participants will develop their solutions on the public XRP Ledger, with finalists from phase 1 invited to move onto phase 2—a winners-only event with an even larger prize pool of $150,000 USD!
Phase 2 participants will develop their solutions using Ripple’s CBDC solution:
Phase 1 Submission Period:
July 7 - August 25, 2022
Judging:
August 26 - September 6, 2022
Finalists Announced:
September 8, 2022 (Apex: the XRPL Developer Summit)
Phase 2 Submission Period:
September 8 - October 31, 2022
Judging and Pitch Demos:
November 1-4, 2022
Winners Announced:
November 16-17, 2022 (Ripple Swell Global)
Finalists earn the opportunity to present their solutions at Ripple Swell Global in November. From there, CBDC Innovate judges will select up to six cash prize winners who will receive widespread recognition for their contribution to the future of CBDCs.
Build the Future of CBDCs with CBDC Innovate
Want to shape the future of money, literally? Register to enter the CBDC Innovate challenge now for a chance at cash prizes and visibility into your application and technical prowess.
You can also find details on Ripple’s CBDC offering on our CBDC solutions page for inspiration.
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