Ripple is launching an innovation challenge aiming to promote the development of XRP Ledger (XRPL) apps for central bank digital currencies (CBDCs).
According to the contest page, entrants can submit projects to three categories: interoperability, retail-facing, and financial inclusion.
According to the contest rules, interoperability projects should involve solutions that help CBDCs bridge with other digital assets, including non-fungible tokens (NFTs) and stablecoins.
“Digital assets are increasing in importance as the world increasingly moves closer to Web 3.0. However, interoperability remains a challenge which may impact CBDCs.”
Entrants submitting retail-facing projects should aim to develop interfaces for humans to interact with CBDCs in a “hip and fashionable way.”
“Access to financial institutions for underbanked and unbanked individuals has been a pain point for many in developing nations.
Can a CBDC be utilized in an offline environment? How easy will a CBDC be to use for users? How can a CBDC be integrated into different existing financial systems?”
Financial inclusion projects should aim to bring banking services to underserved populations and “enable spending power from traditionally marginalized communities.”
The competition includes $47,000 in prices, and winners receive invites to “Ripple’s Winners Only Event,” which has $150,000 in prizes. The deadline for submissions is August 25th.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/FXQuadro/Tun_Thanakorn
Credit: Source link
