Codius: Ripple’s (XRP) Smart Contract Platform That The Crypto-Verse Needs
Yesterday, Ethereum World News reported that the much anticipated SBI Holdings crypto exchange might be launching sometime during the coming summer. The exchange is speculated to have direct XRP/FIAT pairing with the major Asian currencies of the Won (South Korea) and the Yen (Japan). These two countries are what many traders consider as Crypo-Giants in the sense that they influence trading and prices of most, it not all cryptocurrencies in the Crypto-Verse. Whatever happens in these two countries in terms of crypto, has aftershocks in the markets.
More on the news surrounding Ripple (XRP) is the existence of its smart contract platform known as Codius. This platform had been discontinued in 2015 due to the presence of a small market back then and the lack of a standard for payments on the smart contract eco-system. Each blockchain had its own standards and communication between two different ones was unheard of until the introduction of Interledger not too long ago.
The project has since been revived.
With Interledger in place as a sort of medium for the different blockchains, it is time for Codius to be the next big thing in the crypto-verse.
Interledger is an open protocol suite for sending payments across different ledgers. Like routers on the Internet, connectors route packets of money across independent payment networks. The open architecture and minimal protocol enable interoperability for any value transfer system. Interledger is not tied to any one company, blockchain, or currency.
Although the platform is in the Beta phase, a lot can be anticipated as the code is being checked for so called dragons and as illustrated on the project’s website. Dragons in this situation refers to the common bugs found in software during the testing phase.
Codius is described as being an open hosting protocol. It makes it very easy to upload a program, whether you want it to run on one host or thousands. It also has built-in billing. That means once a program is uploaded, anyone can pay to keep it running — the author, the users and even the program itself.
Codius can continue running as long as there is on person out there still using it. It is also a good platform for decentralized apps and smart contracts based on the already fast, distributed and secure properties found in Ripple’s software solutions. The Codius applications can pay each other using built in micro payments systems making it possible to monetize the web.
In conclusion, Codius has been a long running project that was revived once Interledger was introduced to the crypto-verse. Completion of the beta testing and release of the final platform would definitely be what the crypto-verse needs in terms of secure and fast smart contracts that can communicate with other blockchains using Interledger. This is essentially critical with the current Ethereum Smart Contracts being proven to having security bugs and vulnerabilities. Codius will provide the much needed better and safer alternative.