XRPL Grant Program calls for Web3 financial innovation: Wave 6 now open News ▸ XRP ▸ Technology
XRPL Grant Program calls for Web3 financial innovation: Wave 6 now open
RippleX calls on developers to submit grant applications to build on the XRP Ledger— inviting innovative solutions for financial inclusion.
2 min read
Updated: Apr. 26, 2023 at 1:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
RippleX’s Twitter announced the firm is taking grant applications to build on the XRP Ledger (XRPL).
Wave 6 of the Grant Program opened on April 25. Developers have until June 18 to submit their applications — stating they are particularly interested in Web3 financial use case projects.
Benefits of building on the XRP Ledger
Drumming up interest, RippleX stated the XRPL is a decentralized, open source, and green platform focused on developing financial use cases.
The ledger already incorporates several inherent, native features “out of the gate.” As well as mentioning qualities such as security, reliability, and efficiency, the firm also drew attention to its NFT functionality, which can be used to tokenize real-world assets.
Likewise, the Automatic Market Maker (AMM) protocol, trust lines, and escrow service provide an established architecture for financial service developers.
Furthermore, XRPL is capable of a 1,500 Transactions Per Second (TPS) throughput, — with settlement taking between 3-5 seconds.
“It supports large scale use cases, processing 2.1B+ transactions without failure or security breach since 2012. This makes it an excellent choice for developers who want to build with confidence on proven technology.”
The Ledger’s Consensus Protocol operates a federated validation method that relies on validators to verify transactions by comparing them to the latest state of the ledger. A transaction is confirmed if a minimum of 80% of the 150 validators agree it is valid.
This consensus method differs from Proof-of-Stake and Proof-of-Work in that validators need a degree of trust among each other. A benefit of this method is energy and time efficiency.
XRPL calls out for new projects
RippleX stated that they are specifically looking for projects that tackle financial inequality, improve financial efficiency, and bring about innovative use cases for XRPL.
Types of projects sought under Wave 6 funding include:
- Financial Equity / Inclusion.
- Regenerative Finance (ReFi).
- Decentralized Finance (DeFi) — Lending & Borrowing, DEX/AMM interfaces and integrations, Asset management.
- Data & Indexing.
- Payments.
- E-commerce.
- Merchant Tooling and Integration.
- Tokenization — Regulatory Compliant Real World Assets (RWA).
- Decentralized Compliance & Security.
- Interoperability — Token bridging, Cross-chain messaging, implementing blockchain interoperability protocol/technology with another blockchain.
- Developer Tools.
- Oracles.
- Insurance.
Applicants can expect two project reviews, the first in June and the next in July. Those shortlisted for the next stage will have a panel interview in August — winners will be announced in September.
Interested parties should apply at xrplgrants.org.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.