Ripple CBDC Innovate [Prizes up to Rs.1.6 Cr; Blockchain; Fintech]: Register by August 18

Ripple CBDC Innovate [Prizes up to 1.6 Cr; Blockchain; Fintech]: Register by August 18

Online Applications are invited for Ripple CBDC Innovate. The last date for online applications is August 18, 2023.

Event Type: EducationEvent

Event Attendance Mode: OnlineEventAttendanceMode

Event Status: EventScheduled

Performer: Organization

Performer Name: DEVPOST

Performer URL: https://ripplecbdc.devpost.com/?ref_feature=challenge&ref_medium=discover

Start Date: 2023-05-15 10:48

End Date: 2023-08-18 10:48

Availability: InStock

Availability Starts: 2023-05-15T16:18:12

Editor's Rating:
4.9

Online Applications are invited for Ripple CBDC Innovate. The last date for online applications is August 18, 2023.

About Ripple CBDC Innovate

The Ripple CBDC Innovate challenge is designed to promote the building of limitless applications for Central Bank Digital Currency (CBDCs.).

The goal of CBDC Innovate 2023 is to “build or update a fintech or payments solution utilizing Ripple’s CBDC solutions.”  In Phase I applicants will build an application on the public XRP Ledger. In Phase II the finalists will build on Ripple’s Private CBDC Platform. Ripple is currently engaged with Central Banks around the world to better understand their goals and assess how Ripple’s CBDC Platform can help achieve them. CBDCs will be a game-changer for Central Banks, enabling better interoperability of payments &  speedy transfers (including cross-border payments), accelerating retail-facing transactions, and promoting inclusive financial frameworks.

Objective

Build or update an original fintech or payments solution utilizing Ripple’s CBDC solutions.

Hackathon Phases

CBDC Innovate will be held in two phases.

For Phase 1 of the CBDC Innovate, participants can use the XRP Ledger to develop on. Winners will have the option of utilizing their own CBDC Private Ledger provisioned by Ripple during Phase II of the challenge.

Phase 1 of CBDC Innovate  

Entrants must successfully complete Phase 1 of the competition to move forward into the Phase II competition. Phase I is designed to be an ideation stage, requiring a solid foundational idea and distinct knowledge of the XRP Ledger’s specific features to move forward to Phase II. 

Requirements

What to build

• Build or update a creative CBDC-based solution utilizing Ripple’s technology.

What to Submit

• Include a one-page document describing your idea and how it relates to CBDCs.
  • Please describe how aspects of the XRP Ledger will be integrated into your application (ex: Hooks, Multi-Sign, Trustlines, Checks, DEX, etc.).
• Include a video (about 2 minutes) that demonstrates your submission. Videos must be uploaded to YouTube, Vimeo, or Facebook Video and made public.
• Feedback on experience with Ripple and CBDC.

Timeline

CBDC Innovate Phase I Dates

CBDC Challenge Phase II (expected dates): 

How to Register?

Interested Candidates can apply online by clicking here.

Prize

Prize money of Rs.1.6 Cr / $200,000.

CBDC Innovate Finalists (6)

• $10,000 USD
• CBDC Innovate Finalists will receive an invitation to pitch executives at the Ripple CBDC Winners Only event with a prize pool of $140,000.

 Honorable Mention (10)

• Up to (10) honorable mentions will receive an invitation to pitch executives at the Ripple CBDC Winners Only event with a prize pool of $140,000

 Compete in a Winners Only Phase II with a $140K prize pool!

Judging Criteria

• Technological Implementation
  Does the interaction with CBDCs demonstrate quality software development for the financial services and global community?
• Potential Impact
  How big of an impact could the project have on people around the world? Can this be applied as a use case to a larger audience?
• Quality of the Idea
  How creative and unique is the project?
• Originality
  How original and novel is the project?
• Practicality
  How adaptable is the project? Does it align with the goals of the hackathon?
• Real-World Applicability
  Can this project be applied in a real instance in either the short-term or long-term?
• Use of XRPL protocol native features
  How well are the XRPL protocol native features incorporated in Phase I?

Important Dates

Click here to view the official notification of the Ripple CBDC Innovate.