The blockchain company Ripple announced today that it will be hosting an $197,000 hackathon specifically designed to address issues related to interoperability and financial inclusion using its Interledger Protocol (ILP).
The event is being held in partnership with the United Nations Capital Development Fund (UNCDF) and Blockchain at Berkeley, and applications are due by September 18, 2018. From the press release announcing the code fest…
What is XRP
Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple.
Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP (ripples). Released in 2012,
Ripple purports to enable secure, instant and nearly free global financial transactions of any size with no chargebacks.
It supports tokens representing fiat currency, cryptocurrency, commodities or other units of value such as frequent flier miles or mobile minutes.
Ripple has offices in San Francisco, New York City, London, Sydney and Luxembourg. Ripple believes that distributing value is as important as distributing information and so will continue to empower creators across many different industries through Xpring initiatives, investments, and strategic partnerships. Ripple launches over $200k hackathon for interoperability in response to banks demand.
Ripple announced on Wednesday their next event where they are partnering with Accenture, SBI Group and IBM to create new solutions for payments based on the company’s digital asset: RippleNet.
The goal of this new event is to find solutions related to interoperability between different central bank digital currencies (CBDCs).
Ripple also plans on having discussions about designing programs that can financially include people who do not have access or knowledge about traditional banking services
Ripple is excited to announce the launch of our $197,000 hackathon focused on CBDC interoperability
and financial inclusion.
This hackathon is open to anyone with an interest in solving these pressing issues
and we can’t wait to see the amazing solutions that come out of it.
We believe that by working together we can make a real difference in the world and we hope that this
will be a step in the right direction.
Thank you for your interest and we look forward to seeing what you can do! Ripple wants everyone
to have access to a more inclusive, prosperous global economy.
That’s why Ripple is hosting the $197,000 CBDC Hackathon focused on interoperability and financial
inclusion from March 27th – April 1st at Global Grand Challenges Summit 2019 in Abu Dhabi.
Anyone with an interest in solving these pressing issues is welcome to participate, no matter
their background or experience level.
Why did RCL launch the hackathon
Ripple believes that central bank digital currencies (CBDCs)
have the potential to provide greater financial inclusion around the world. However,
for CBDCs to reach their full potential, they need to be able to interoperate with each other.
That’s why Ripple is launching a $197,000 hackathon with the
goal of finding solutions that will enable CBDCs to interoperate with each other.
The hackathon will take place over a three-month period and will culminate in a live demo
day where the winning teams will showcase their solutions.
Ripple will award $97,000 to one winner, $37,000 to one runner up and $12,000 to two third-place winners.
Ripple will also select five semifinalists who are guaranteed $5,000. To date,
Ripple has committed $1 million to this initiative.
What can I win?
Up to $197,000 in prizes will be awarded to the top three teams who build the best solutions for CBDC interoperability and financial inclusion.
1st place: $100,000 2nd place: $50,000 3rd place: $25,000 (1st Runner-Up), $10,000 (2nd Runner-Up)
It’s an exciting time for Ripple as we launch our first ever global hackathon! We believe blockchain technology has the power to revolutionize how money moves around the world – helping it flow more freely and cheaply than ever before.
There are so many barriers that prevent people from participating in global commerce, including lack of access to bank accounts or credit cards, but with the rise of mobile phones and digital wallets more people have gained a way to store their value on their phone or on a virtual card without being charged high fees by banks or card companies.
With this new wave of adoption has come increased scrutiny over how these digital wallets are regulated.
They’ve raised questions about privacy and security while also putting pressure on policymakers to address what is now recognized as a form of electronic cash.
The use cases for cross-border payments are already widespread, ranging from international remittances to buying foreign goods online, yet there is still much work to do when it comes to making sure the next billion consumers can get access.
That is why Ripple has set out to host its first ever global hackathon called Swell 2018 where $200k in prizes will be awarded to developers who create innovative solutions that meet specific needs like reducing transaction costs, increasing network speeds, or improving transparency into market conditions.
These innovations will help empower individuals by providing them with unprecedented control over their funds and reducing barriers faced when accessing banking services.
How do I enter?
To enter, create a team of up to five people and register at the Ripple
Coding Challenge website.
Then, submit your project by March 31st at 11:59 PM Pacific Time. The top three teams will each receive $5,000 in XRP, with the first place team taking home an additional $10,000.
The grand prize also includes an all-expenses paid trip to San Francisco to present their project at Ripple’s Swell conference in October. We can’t wait to see what you come up with!
This is where things get interesting.
You’ll have access to some of Ripple’s cutting-edge technology during the challenge—including its distributed financial technology,
Interledger Protocol (ILP), xRapid (our solution for on-demand liquidity) and its real-time gross settlement system (RTGS),
which was built specifically for cross border payments. You’ll be challenged with creating solutions that utilize these technologies across any one or more than one country or currency within Africa.
Your focus should be on making it easier and more affordable for people in Africa to send money back home, as well as introducing them to new payment opportunities such as credit markets in their countries they may not have previously had access to without leveraging blockchain technology.
10 things you should know about XRP
- 1. XRP is a digital asset built for payments.
- 2. It is the native currency of the RippleNet payment network.
- 3. RippleNet is a decentralized network of banks and payment providers that uses blockchain technology to provide a frictionless experience for global payments.
- 4. XRP can be used to source liquidity in real time without pre-funding, making it ideal for cross-border payments.
- 5. XRP was created in 2012 by an unknown person or group of people going by the name Satoshi Nakamoto.
- 6. Ripple raised $97 million from its token sale on May 22nd, 2017 – $60 million from its ongoing ICO (initial coin offering) and $37 million from venture capital firms such as Andreessen Horowitz and Google Ventures.
- 7. There are 100 billion tokens with 38 billion currently in circulation.
- 8. The total supply could eventually reach 99 billion, but no more than 55 billion will ever be released into circulation at any given moment due to a slow release rate after 2020.
- 9. Ripple’s $197,000 hackathon has four main categories: finance, microfinance and inclusion; financial services; international remittances; capital markets.
- 10. Companies participating in the hackathon are awarded prizes up to $10,000 USD which depend on how innovative their solutions were judged to be by judges.