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

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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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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

XRP

XRP: XRP Tip Bot creator reveals plans to get European banking licence; nicknames it ‘legacy network’

Akash Anand

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XRP: XRP tipbot creator reveals plans to get European banking licence, nicknames it 'legacy network'
Source: Pixabay

A vast majority of cryptocurrency organizations have been trying to integrate digital assets with the existing financial system. Ripple has been a prime example of this process, with the Brad Garlinghouse-led company announcing multiple partnerships with mainstream banks and other fiat-enabled bodies. Ripple’s affiliation with XRP, the third largest cryptocurrency in the market, is also reflected in XRP’s focus on cross-border transactions and creating an easy global payments system.

Wietse Wind, Creator of the XRP Tip Bot, gave another major push to XRP’s cause after he revealed that he was trying to obtain a banking license for XRP Tip Bot, which will make it mainstream in the world of finance. During a recent XRP meetup, Wind said,

“There’s been a lot of FUD around XRP and Ripple and such and we want to show that we are working towards something really awesome and useful. We are planning to get real licenses for tipbot so that we go mainstream. Granted we are still in the early stage but we are doing our very best to make it happen. Our next step is to get a European banking license and maybe call it the ‘legacy network’. Let’s see where we can get in a few years.”

The news spread like wildfire in the XRP community and a majority of the ‘XRP army’ could not contain its excitement. Tiffany Hayden, a popular XRP proponent, tweeted,



“The BIG news from yesterday’s $XRP meetup is that @WietseWind is in the process of obtaining a banking license for @[email protected] is going to bridge the legacy network! Don’t fight the old, build the new!”

Ripple’s technologies have been slowly but surely getting nods from institutions, as shown by Bitstamp, an xRapid payments-facilitated exchange getting a BitLicense from the New York Department of Financial Services [DFS].

Linda A. Lacewell, Acting Financial Services Superintendent of New York State Department of Financial Services [DFS] had said,

“We are pleased to welcome Bitstamp to New York’s growing virtual currency marketplace. A regulated industry protects customers while supporting innovation and ensuring our financial services sector is a vibrant part of New York’s economy.”





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