Centipede

Inspiration

One of the benefits of using a bridge currency is that it can transfer between different tokens issued by different central banks. A multi-chain ledger however can create complex transactions with hash time-lock contracts, which can introduce several possible failure points. Smart contracts on the XRP Ledger could bring substantial automation with more efficient price discovery and less arbitrage in FX markets. Issuing CBDC Stablecoins on the XRP Ledger can open new doors for countries to compete at a level playing field. We are inspired by this next generation of digital money but more importantly how we choose to measure actions in our environment more precisely.

What it does

Our goal is to create an interoperable solution in the form of a FinTech that provides a set of easy-to-use operational tools with different layers of authority. The platform has a visual scripting editor with drag and drop features including 2D and 3D visualization, interactive user interface with real-time animation and API methods for integrating with any other application.

How we built it

For our example we are using Cables Editor to make a GET request to Google Cloud Functions where we connect to Xumm API and receive the QR code URL in the response and display it to the user.

Challenges we ran into

We believe interoperability between multiple central banks could be the key benefit for any issued CBDC. Further into each CBDC are the issued tokens that will most likely drive the economy for each nation. Unfortunately it’s very unclear how each country would allow its citizens to create these tokens and what regulations would apply to security level tokens. For example, who can issue the tokens and how can it be used to fund projects are very important questions that need to be considered before designing for a solution.

What we learned

We learned more about the strategy used by Xumm API to simplify the steps for developers. In fact Centipedes approach is very similar to Xumm API strategy for integration with other applications within our system.

What's next for Centipede

We are hoping to work closely with the Ripple team to understand more about the needs of the Central Banks. XRP Ledger has already simplified the steps for atomic settlement transactions. Our approach is to learn more about the needs of Central Banks to be able to solve the problems and create a single scalable solution for many central banks.

Built With

• cables
• cloud-functions
• javascript
• webgl
• xumm-api