Smart Contracts Will Never Be The Same As Ripple (XRP) Revives CODIUS
Back in late April, Ethereum World Newshad highlighted that the crypto-verse was in need of the then discontinued Codius Smart Contract platform by Ripple. The platform had been discontinued in 2015 due to the presence of a small market for the product back then and the lack of a standard for payments on the smart contract ecosystem. Each blockchain had its own standards and communication between two different ones was unheard of until the introduction of Interledger not too long ago.
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.
Another problem that made Codius unable to launch back then, was that running smart contracts does indeed cost money and the team at Ripple did not have a neutral way to pay the Codius hosts. This problem was solved by creating an abstract layer that would allow users to send and receive any digital asset, fiat currency, or any other kind of value. This abstract layer would later become the aforementioned Interledger that is now 100% fit for use.
With Interledger available, a new version of Codius is now available for download on GitHub since it is an open source platform. The team at Ripple made the announcement via Medium earlier today.
Josh Williams, a serial entrepreneur and investor in the gaming space (Unity, Zynga, Kabam), was asked by the team at Ripple to explain his excitement about Codius and had this to say:
Powerful, scalable decentralized computing and smart contracts interfacing with distributed ledgers are essential for every industry hoping to utilize blockchains and the need is particularly acute for highly interactive, real-time, mass market experiences like games. Teams in games and elsewhere are building on Ethereum and running into the cost and scalability issues we’re all familiar with. Codius has great potential in addressing these concerns, and we are eager to work with it.
Codius will make blockchain technology more mainstream by solving the challenge of interoperability of blockchains. With Codius and Interledger, blockchains will be able to communicate and transfer funds between them in a frictionless manner.
It is with the above statement that it is safe to conclude that Smart Contracts will never be the same again with Codius returning into the arena of smart contracts. Current heavyweights and new entries in the ‘arena’ of smart contracts include Ethereum (ETH), Stellar (XLM), Tron (TRX), EOS (EOS), VeChain (VEN), Zilliqa (ZIL), just to name a few.
Correction and Update: Stefan Thomas, the creator of Codius, left Ripple back in mid May and now runs Coil. Therefore, Codius is a product of Coil and not Ripple. Ethereum World News wishes to notify its readers about this information.
Disclaimer: This article is not meant to give financial advice. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.