Ripple CBDC Innovate Challenge Moves to Phase II! 

As of August 18, Phase I of CBDC Innovate has ended.   Phase I was an “Ideation Phase” for registrants to the challenge to submit their project ideas and plans.  In Phase II of the challenge, Devpost is inviting an elite group of developers to code their ideas and develop prototypes of their previously-submitted applications from Phase I. Ripple CBDC Innovate 2023 is designed to promote the building of applications for all-things CBDCs.

Devpost and Ripple are excited to offer developers and enterprises an opportunity to create CBDC applications for prizes. The goal of CBDC Innovate 2023 is to “build or update a fintech or payments solution utilizing Ripple’s CBDC solutions.”

Ripple is currently engaged with Central Banks around the world to better understand their goals and assess how Ripple’s CBDC can help achieve them. CBDCs will be a game-changer for Central Banks, enabling better interoperability of payments & transfers, accelerating retail-facing transactions, and promoting inclusive financial frameworks for digital assets. 

The CBDC Innovate Challenge 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 world of tomorrow. 

Deadlines and Dates: The CBDC Innovate Challenge is  held in two phases.

For Phase 2 of the challenge, participants will use the Public XRP Ledger to develop on, helping to build the future of what’s possible for CBDCs. Winners will be announced at Ripple Swell 2023 in Dubai, with over $100,000 of prizes awarded at Ripple’s annual flagship event that brings together the world’s most influential voices across crypto, blockchain, payments, financial services, and economic policy! 

In Phase 2 of the CBDC Challenge entrants must successfully complete Phase 1 of the competition to move forward into Phase II competition. Phase I was 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 Challenge Phase II: 

• 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 the people around the world? Can this be applied as a use case to a larger audience?
• Completeness
  How functional and ready for public use is this project? Is it a fully completed 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?