SpendTheBits - Comprehensive CBDC Solution- Interoperability

In this submission, we define our vision for a CBDC system and demonstrate 4 working components of it. Seamless payments in multiple CBDCs, cryptos, and stablecoins both domestic & cross-border!

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What it is

SpendTheBits is a cryptocurrency payment mobile app and retail portal which is powered by XRP Ledger, a decentralized, open source platform. Our focus is to provide interoperable multi-currency payment solutions (P2P/P2B) around the globe.

Inspiration

No solution exists to enable users to pay using the crypto currencies they have. We wanted to make crypto payments seamless and cheap.

What it does

CBDC Portal allows governments to issue, destroy, transfer, monitor CBDC tokens and transactions. STB Mobile and Merchant App enable individuals and merchants to integrate seamlessly into the CBDC world with a user -friendly and secure interface. STB Exchange Portal allows true interoperability by allowing exchanges to offer cross-currency exchange rates for CBDC to CBDC and CBDC to cryptocurrency. Also helps them manage their liquidity positions daily.

How we built it

We have worked on this technology for the past two years and have been associated with XRPL for a long time. We have a close-knit team of 5 people across the globe who meet daily to create a polished product using XRP Ledger in the backend. The exchange portal and CBDC Portal have specially been created only for the Ripple CBDC Innovate hackathon. We really hope the judges like it.

Challenges we ran into

We have encountered numerous challenges in creation of this app.

  1. Cutting-edge technologies with less real examples. (Like ILP , XRPL 2 years back , FLARE)
  2. Bridging gap between blockchains ( User can fund /withdraw real BTC in/out of our app)
  3. Create a simple User Interface for the user hiding all complex terminologies of trust Line , Rippling etc. for a daily user.
  4. Integrated Private Ledger and tested all functionalities with it in a matter of 3 days.

Accomplishments that we're proud of

  1. We integrated the whole ecosystem of offers, minting, DEX, retail app, end-user app in a private ledger environment.
  2. STB is one of the simplest app to store and pay crypto and CBDC.
  3. We have a fully functional merchant panel to accept payments using PayString
  4. To ease user onboarding in private ledger, we automatically send user some XRP drops on account creation, which activates his account on the private ledger and also gets him started trouble-free. To prevent its misuse in a real-world environment in governments' perspective, we have limited each unique citizen to have no more than 15 wallets across all payment providers.
  5. We have a created a realistic scenarios for CBDC issuance and payments for this hackathon which is a modified version of our original offering.
  6. We have a multi-lingual app with support for RTL languages as well

What we learned

  1. Deep understanding of the various features offered by XRP Ledger
  2. Playing around with xrpl-py, xrpl-js libraries.

What's next for SpendTheBits

  1. Working on ILP Integration for cross-ledger interoperability.
  2. Working on Flare Integration for trustless transactions.
  3. Release our merchant portal in 2023.

App Logins

Government Portal : ** **Link : http://fedres.cbdc.spendthebits.com/ User : govtuser1@spendthebits.com Password : STBadmin12@ Secret Key : sEdVF37fTfZRpLi5rp2dNH2zcJeCcei

User : govtuser2@spendthebits.com Password : STBadmin12@ Secret Key : sEdTJCRVHNahiAtFr58AkNFwCfKH8iA

End User App : Link : Android : https://install.appcenter.ms/orgs/spendthebits/apps/stb-cbdc-1/distribution_groups/public iOS : IN Test Flight. Can share on sharing Apple Email ID.

User : londonuser@spendthebits.com Password : STBtest12@ Secret Key : sEdVcJD3rY81CiAQCUuDBBXxi6ZJfm2

User : ususer@spendthebits.com Password : STBtest12@ Secret Key : sEdT3i47TW5QZuQXhvRsoC4JmR5XRN5

Merchant Portal : ** **Link : http://retail.cbdc.spendthebits.com/signin User : aditya@spendthebits.com Password : STBtest12@ Secret Key : sEd7Hsnw4kaWvipwYDkhABRc2oUApNz

Exchange Portal : Link : https://stbexchange.cbdc.spendthebits.com/ User : liquidityprovider@spendthebits.com Password : STBadmin12@

USE OTP 654321 when testing any portal.

We love building on XRP Ledger

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