U.S based blockchain service provider, Ripple introduced a central bank digital currency hackathon with an impressive price pool of $197,000. The hackathon event will provide exposure for retail CBDCs, financial inclusion, and interoperability.
The event will be held under the title “CBDC Innovate” where participants can build applications on top of Ripple’s decentralized open-source network, the XRP Ledger (XRPL).
Participants will have to create or update a fintech or payment solution under one of the given categories.
The first category will be “Interoperability”, in which contestants will provide a solution for CBDC to interoperate with other digital assets such as non-fungible tokens and stablecoins.
The second category will more likely be a retail-centric approach and participants would be dedicated to developing a user interface to interact with CBDC. The final category will deliver financial inclusion that will identify the possible leverage scenario of some digital currencies.
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The developers who wish to participate in the hackathon must have to submit their solutions on or before August 25, 2022. Winners of CBDC Innovate will be announced on September 8. The event welcomes all the participants from across the globe except Brazil, Crimea, Cuba, Iran, North Korea, Quebec, Russia, and Syria.
After envisaging worldwide hype about CBDC, Ripple is striving for approachable and efficient CBDC solutions through intense investment. Currently, many countries are developing or testing pilots for CBDC.
Ripple offers its XRP Ledger technology to these countries to empower central banks to mint, manage, transact, and destroy CBDCs.
However, Ripple is already working with numerous countries to develop their different CBDC projects. Last year, Ripple joined hands with Bhutan to roll out a pilot for their CBDC.
