The renaissance of the CBDC Innovate Challenge was just announced by Ripple, a well-known cryptocurrency business. This competition has been particularly created to encourage the creation of several “state cryptocurrencies”-related apps.
Developers from both small businesses and individuals will be able to build CBDC applications and compete for large cash prizes. The challenge’s main goal is to promote the development or improvement of fintech and payments solutions that make use of Ripple’s service.
Phase I of the challenge entails developing an application on the public XRP Ledger, while Phase II concentrates on developing apps on Ripple’s private CBDC Platform.
This competition stands out because of its distinguished panel of judges. To choose the most creative ideas, Ripple will work with esteemed individuals from prestigious organisations including Mastercard, Bank of Finland, Digital Euro Association, DXC Technology, Amazon Web Services, BIS, PwC, and The Digital Dollar Project.
The participation of these powerful personalities from the financial and technological sectors demonstrates the seriousness of Ripple’s ambitions as well as the business’s capacity to forge fruitful alliances.
The business is now having discussions with several central banks across the world in an effort to better understand their goals and determine how Ripple’s CBDC Platform might help them be attained. Because of this, the CBDC Innovate Challenge acts as a catalyst to encourage original thought, development, and investigation of new applications and use cases.
