The Ripple crypto company team promised awards to the creators of the best tools for integrating XRP Ledger applications into central bank digital currency ecosystems.
Contestants can submit projects in three categories:
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Functional compatibility.
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Retail.
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financial availability.
The organizers of the competition specify that interoperability projects should include solutions that help central bank digital currencies integrate with other digital assets, including NFTs and stablecoins:
“Digital assets are becoming increasingly important as the world moves closer to Web 3.0. However, interoperability remains an issue that could affect CBDC.”
Participants representing projects focused on retail and accessibility should strive to make a convenient interface for user interaction with state digital currencies:
“Access to financial institutions by the unbanked has become a problem for many people in developing countries. Developers must answer the question: Can a CBDC be used in a standalone environment? How easy will it be to apply CBDC? How can CBDC be integrated into existing financial systems?”
The prize fund of the contest is $47,000. The winners will receive invitations to the Ripple’s Winners Only Event, the prize fund of which is already $150,000. The deadline for applications is 25 August.
Ripple has been making plans for integrating Central Bank digital currencies into its ecosystem for a long time. In 2021, the company announced that, together with the Royal Monetary Authority of Bhutan, it will begin testing the national digital currency.
Source: Bits
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