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Ripple/XRP: r3 launches Corda Network with “Corda Network Foundation”, a new not-for-profit organization




Ripple/XRP: r3 launches Corda Network with "Corda Network Foundation", a new not-for-profit organization
Source: Unsplash

The most awaited news about the enterprise blockchain software firm r3 confirms that the Corda Network [CN] is up and running. The Corda Network will be governed by an independent ‘not-for-profit’ organization called the “Corda Network Foundation”.

The news about r3’s Corda settler going live was something that the XRP community and fans were waiting with bated breath and it has finally arrived. r3 announced the news in a press release on January 16, 2019, and the new foundation will take over the governance and work encouraging the adoption of the CN.

The press release stated:

“The Foundation’s board will be comprised of directors drawn from participants on the Network and elected by members of Cor’da Network. It will operate independently of R3 and its decision making will be transparent and available to all network members.

The CEO of r3, David E. Rutter stated:

“Participants will be able to build their systems to suit their exact needs and ensure the security of their data, while still benefiting from the advantages of a universal network…
Applications on Corda are seeing wide adoption throughout industries. Corda Network is the next step in bringing these networks together to make these applications even more efficient and effective.”

Corda Network allows settlement of funds and transfer of data between communities of nodes which could be a collection of business networks and/or private networks which can be done via the CorDapps.

The transactions or data transfer can be set up within one’s own organization or with trusted commercial partners while remaining interoperable with the wider Corda community.

Corda has seen massive adoption as their partnerships include private and government based companies and organizations. As per their official website, Corda has now partnered with almost 250+ organizations worldwide, and some of these partnerships include companies like Amazon Web Services [AWS], Citibank, HSBC, Huawei, Infosys, Capgemini, Intel etc.

@XRPCenter commented:

“R3 created 2 products:
1)Corda Enterprise “CE”: permissioned blockchain for private enterprise use cases.
2)Corda: Open Source DLT that can be used by devs to build decentralized Apps (CorDapps).
Corda Settler (CorDapp) can settle payment obligations arising on Corda with XRP.”

He also cleared users’ doubts with another comment, which stated:

“It means that, as of today, all the obligations arising on the Corda ecosystem could be settled with XRP if the participants choose to do so, as XRP is already integrated in the Corda Settler.
It doesn’t necessarily mean that XRP is already being used.”

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