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XRP mechanism demonstrated by r3 for its new adoption journey with Corda Settler

Priyamvada Singh

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XRP mechanism demonstrated by r3 for its new adoption journey with Corda Settler
Source: Pixabay

Yesterday, the second-largest cryptocurrency in the world, XRP, achieved major adoption goals when it was picked by the blockchain solutions firm, r3 as the first settlement mechanism for Corda Settler. Post the news, r3 posted a YouTube video on its channel, explaining the working behind the Settler. Here, r3 also wrote:

“Corda Settler is an open-source CorDapp to help Corda users settle transactions. Corda Settler provides a bridge to any payment rail that can return a cryptographic proof of settlement. This includes any ‘traditional’ domestic and cross border payment systems able to return such a proof, as well as blockchain and cryptocurrency-based rails.”

The video began with the explanation of what the Settler does, stating that there are two legs of the transaction wherein one leg creates an obligation to complete the other leg. Furthermore, Corda Settler allows uses to complete the second leg on any system, whether it is an on-blockchain rail, a cryptocurrency system or a traditional system.

Subsequently, r3 told the users that in case of the second leg not being on Corda, it will provide two integration points – one for the users to initiate payments and the other for the confirmation of the payment status.

The explanation then took a turn to cite an example of the mentioned process. Here, it stated:

“A network of participants using Corda Settler – Company A and Company B are the counterparties. They are using a notary service on Corda and they both have access to nodes in other payment systems.”

Next, the video demonstrated the mechanism keeping XRP as the mode of payment. As per the demo, company B has an obligation to pay $100 to company A. As a beneficiary, company A can choose the currency in which it would like to receive the payment.

Here, the beneficiary chooses XRP to update the obligation wherein it will get the current exchange rate from an exchange to further update the obligation with the new currency. The beneficiary may also select details, such as the address on the XRP network to receive the payment with the amount.

Post all the required signatures, company A will distribute the obligation with company B in order for the latter to initiate the payment. The video further explained:



“Company B is now ready to settle this obligation and so initiates a transaction from their XRP node. This obligation can be settled in one or many transactions. Company B gets a payment submission confirmation from the XRP network, updates the obligation with the transaction hash and sends it to company A and the settlement.”

The last leg of the transaction is completed after the settlement queries transaction with the specified transaction ID. r3 explained that once company B’s payment has been confirmed, the settlement marks the payment as settled, obtains a notary signature and distributed the updated obligation to both the companies.

r3 also mentioned that this has shown an imperative connection between digital assets and applications on Corda and other settlement systems.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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