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The provider of distributed network accounting technologies R3 has launched Corda Settler, an application that aims to facilitate global cryptocurrency payments within corporate blockchains and is starting with XRP.
R3 said that XRP is the first globally recognized cryptocurrency to be supported by Settler, bringing the Corda and XRP ecosystems into closer alignment – a kind of rapprochement considering that Ripple and R3 were previously locked in a legal dispute.
"The deployment of the Settler Cord and its XRP support as the first settlement mechanism is an important step to show how the powerful ecosystems cultivated by two of the most influential crypto and blockchain communities can work together," said Richard Gendal Brown , CTO in R3, adding:
"While the settler will be open to all forms of cryptic and traditional resources, this demonstration with XRP is the next logical step to show how the widespread acceptance and use of digital resources can transfer value and make payments" .
Cord Settler is an open source CorDapp that allows to resolve payment obligations arising from the Corda network through any parallel track that supports cryptocurrencies or other cryptographic resources and any traditional binary that can provide cryptographic clearance tests.
The app will verify that the payee's account has been credited with the expected payment, automatically updating the ledger Corda. In the next phase of development, the settler will support the net deferred domestic balance and the gross cash payments in real time.
When a payment obligation occurs on Corda in the course of commercial activity, a party now has the option to request payment via XRP, said R3. The other party can be informed that the regulation has been requested in XRP and that they must provide a payment at the address requested before the specified deadline. Once an Oracle service has confirmed that the payment has been made, both parties can consider the obligation as settled.
The R3 Rope platform has embarked on some courageous steps to build its ecosystem and at the same time build bridges between the blockchain world of private companies and the public domain, with the convergence of resources added to the beginning of this & # 39; year with Cordite.
A representative for R3 said that the choice to launch the settler with XRP had nothing to do with the legal quarrel of this year, but said it should certainly add a bit of "legitimacy" to cryptocurrency.
Image R3 through CoinDesk archive
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