The Ripple CBDC Innovate challenge is designed to promote the building of limitless applications for Central Bank Digital Currency (CBDCs.)
Devpost is excited to offer individual developers and enterprise developers an opportunity to create CBDC applications for prize money awards. 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 ideate 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. CBDC Innovate is designed to encourage creative thinking, development, and exploration of novel CBDC applications and use cases, enabling a deeper understanding of how CBDCs can affect the future of money
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.
CBDC Innovate Phase I Dates
Submission Period Opens:
May 15, 2023
Phase I Submissions Due:
August 18, 2023
August 21 - September 4, 2023
Finalists Announced and Moved to Phase II:
September 6 - 8, 2023
Winners from the Phase I event will be invited to Phase II, the CBDC Innovate Winners Only Event with an even larger prize pool!
CBDC Challenge Phase II (expected dates):
Phase II Submissions Due:
October 31, 2023
November 2023 (TBD)
November 2023 (TBD)
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
$200,000 in prizes
CBDC Innovate Finalists
• $10,000 USD
• CBDC Innovate Finalists will receive an invitation to pitch executives at Ripple CBDC Winners Only event with a prize pool of $140,000
• Up to (10) honorable mentions will receive an invitation to pitch executives at Ripple CBDC Winners Only event with a prize pool of $140,000
Compete in a Winners Only Phase II with $140K prize pool!
Submitting to this hackathon could earn you:
Vice President of Product Development - Blockchain and Digital Assets, Mastercard
Adviser and Solution Architect, BIS Innovation Hub (BIS IH)
Head of Fintech and Principal Adviser, Bank of Finland
Director, Blockchain Technology Solutions, Digital Assets Innovation, PwC
Executive Director, Digital Euro Association (DEA)
Executive Director, The Digital Dollar Project
Technical Partner Director, Central Banks Ripple
Anastasia “Tracy” Raissis
Founder and CEO, Achillia Group, LLC.
Managing Director - Banking & Capital Markets, DXC Technology
Head of EMEA Marketing and Communications - Banking and Capital Markets, DXC Technology
CEO and co-founder, SODA
Does the interaction with CBDCs demonstrate quality software development for the financial services and global community?
How big of an impact could the project have on the 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?
How original and novel is the project?
How adaptable is the project? Does it align with the goals of the hackathon?
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?