Blockchain provider Ripple is organizing a contest to promote the growth of central bank digital currency (CBDC) interoperability, with more than $190,000 worth of prizes to be won.
The San Francisco-based firm says the CBDC hackathon will promote the development of solutions for interoperability and financial inclusion.
The program, called CBDC Innovate, will allow developers to build apps that will run on XRP Ledger, Ripple’s decentralized and open-source blockchain.
In one of the categories, the contestants will be required to design and develop a payment solution. For the first category, the organizers will focus on interoperability, where developers are required to submit a solution that enables CBDC to interoperate with other digital assets like stablecoins and non-fungible tokens.
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Developers To Submit Their Solutions On Or Before August 25, 2022
For the second category, the contestants will be required to design an interface that enables users to work together with CBDC. The third category will take care of financial inclusion where the developers will be offering a solution that can take advantage of such digital currency.
The hackathon page stated that the participants have until August 25, 2022, to submit their solutions while winners of the various categories will be announced on September 8. The page also stated that developers all over the world can participate in the competition, except those from Russia, North Korea, Syria, Iran, Crimea, Brazil, and Cuba.
Ripple Pays More Attention To CBDC Developments
Ripple has shown immense interest in the development of CBDC solutions. The company is prepared to lead the line when central banks start unveiling their digital currencies. Ripple already has a dedicated XRP Ledger-based platform that will enable the central bank to provide solutions, including minting, managing, transacting, and destroying CBDCs.
The company has also partnered with several central banks and countries to experiment with CBDC solutions. Last November, it collaborated with the Republic of Palau to develop CBDC strategies for the country. It has also partnered with Bhutan for a digital asset pilot program. However, Ripple is still in a serious legal battle with the US Securities and Exchange Commission (SEC), and it plans to exit the US if the regulator wins.
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