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R3, the distributed accounting development company that introduced its first corporate / open source product, Corda, in 2016, released a new element of that suite of software. A "universal settler" called Corda Settler, a "Cordapp" or Corda application, which aims to allow all the things that modern companies can request for a blockchain product. In the end it could work as a translator between practically all cryptographic tokens and legal currencies.
It works by verifying that a payment sent has been received and then updating the ledger book, and most of the cryptocurrencies will have no problem with its operation. However, the first to be integrated by R3 is the Ripple XRP token, which is noteworthy given the legal battle undertaken by the two parties and the agreed R3 right to buy up to XRP 5 billion at a much higher fixed rate. below its current value market.
The CEO of Ripple had tried to terminate the options contract, and R3 decided that the matter would be settled in court because, as it claimed, the R3 had failed to deliver another agreement for access to the banking network of R3. The two eventually resolved their differences in undisclosed terms, giving rise to speculation that this move to make XRP first on the Corda settlement layer is a part of the agreement.
Settler rope is coin-agnostic
An employee of the R3 explained the new mechanisms of the settler in the following video:
As David Nicol explains, a receiving party in a transaction initiated by Corda Settler should not use Corda to receive payment and the sending party must not use XRP or any cryptocurrency. The elements are simple: the transaction must be transmitted and noted as sent, then the transaction must be confirmed as received. This means that you can send XRP or dollars and the user can use something completely new to receive in any currency, meaning that banks and other financial institutions can build on the network with little overhead, they do not necessarily have to integrate with the technology stack of R3 if all they want is to allow their customers to receive deposits from services compatible with Corda.
The actual transaction notification is transmitted by a "settlement oracle", which can be managed by a number of different entities, including banks, exchanges, the name. Participation in the Corda network is open and development is open source. As R3 says in their blog post:
"Settler is an open source CorDapp that allows payment obligations arising from the Corda network to be resolved through any parallel track that supports cryptocurrencies or other cryptographic resources, and any traditional binary that can provide cryptographic clearance tests. Rope will verify that the payee's account has been credited with the expected payment, automatically updating the Rope register.In the next phase of development, the settler will support the national postponed net balance and gross cash payments in real time. "
The open nature of R3 products means that Ripple and others can potentially copy and integrate them on their own, but this does not immediately give them the wide range of banks and finance companies that are funding R3 and that they sign contracts to use their business products. . Therefore, for some use cases, Corda will remain the best game in town for years to come. Over time, other Corda networks will be integrated into the Settler program, resulting in essentially automated cross-chain transactions, as well as the notion of sending fiat through blockchain, a goal that Ripple has been working on since its inception.
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