Ripple to participate in digital dollar project CBCC sandbox program – Featured Bitcoin News

The Digital Dollar Project, a non-profit organization promoting the creation of the digital dollar, has announced the launch of a sandbox program to begin exploring the technical implementation of the proposed digital currency. Fintech company Ripple is one of four participants expected to help the digital dollar project “explore technical and business implementation questions.”

Opening group to focus on cross-border payments

The Digital Dollar Project (DDP), a non-profit organization leading discussions around a portable digital version of the US dollar, recently announced the launch of a technical sandbox program to jumpstart the technical implementation of a central bank digital currency (CBDC). . In a statement, DDP said the sandbox program is set to begin in October with “an inaugural team focused on cross-border payments.”

According to the statement, four organizations namely Ripple, Digital Asset, EMTECH and Knox Networks will help DDP. Participants will have the opportunity to explore real-world technology and examine its impact on business strategies and operations, the statement added. Participants conduct test cases to determine use cases.

DDP Executive Director Jennifer Lassiter explains why her organization started the sandblasting program:

The launch of our technical sandbox program marks the next step in our efforts to bring together the private and public sectors.[s] in [the] Central bank digital currency research in the US We will understand how the technology works, the problems we want to solve and how important it is to include different perspectives and expertise when looking to answer the key questions of the ultimate business. And the personal results we want to achieve.

Lassiter noted that his company’s partnership with the private sector not only underscores the importance of collaboration, but also helps lay the foundation for “robust pilots that improve the outcomes and utilization of CBCCs.”

Identify and test specific CBDC case hypotheses

According to the statement, each group will consist of two phases, an educational phase and an experimental phase. The first phase will focus on helping DDP partners and participants develop business and operational understanding of the technology. At this stage, a different evaluation of possible design choices is conducted.

During the testing phase, the non-profit said it would conduct experiments to “identify and test specific CBDC use-case hypotheses.” These results will be used to inform both the public and private sector “how advancing technical solutions can transform business.”

What do you think about this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, writer and author. He has written extensively about the economic woes of some African countries and how digital currencies offer Africans an escape route.

Image credits: Shutterstock, Pixabay, Wiki Commons

DisclaimerThis article is for informational purposes only. It is not an offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *