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It seems that Ripple and R3 have managed to overcome their legal disputes and enter a new collaborative effort that will see XRP become the currency used for the settlements in the new dApp of R3.
R3 is proud to announce the release of Corda Settler, an open source CorDapp that allows #Rope users to settle for any payment method. The first payment installment enabled for Corda Settler is the #XRP Ledger. Read the press release here – https://t.co/mxUIXPvG5R pic.twitter.com/NZgrA3BFDk
– R3 (@ inside_r3) 5 December 2018
R3, the well-known distributor of distributed LED technology, has recently launched a new app known as the Corda Settler. The app is used to make payments on cryptocurrency payments worldwide, all within corporate blockchains. The app supports XRP, which makes it the first globally recognized encryption to support with this system.
This is an important step in the right direction for Rope, Ripple and XRP. By making this move, these parts will show how powerful ecosystems can become if two influential communities decide to collaborate.
What is Corda Settler dApp?
As stated, Corda Settler is an open source dApp used to create settlements. It works on the Rope blockchain, and many have got to call it "Cordapp".
Through this app, all payment obligations can be resolved within the Corda network. This can be done through the use of any parallel track that supports cryptographic resources or cryptocurrencies. The same applies to traditional tracks that can provide cryptographic evidence of settlement.
The app is still in the early stages of development and there is still a lot of work to do before it can reach its full potential. However, it is expected that it will soon be able to support domestic net depleted settlements as well as real-time gross settlement payments. This will happen in the next phase of app development.
Regarding its current phase, whenever there is a new payment obligation within the Corda blockchain, the parties involved can use XRP to request an agreement. The process is quite simple: the settler will send a notification to the other party and the payment must be facilitated at the associated address. The other party will receive a deadline to do so. After the payment has been made, the service will ensure that the payment has been validated and that the obligation has been resolved.
The partnership between R3 and Ripple can be very useful for both companies, since they share the same goal of providing services to businesses. Despite their problems, it is not surprising that Corda chose XRP as its first supported cryptography.
As for XRP, it is currently still the second largest currency by market capitalization, with its price of $ 0.302865 at the time of writing. The value of money has decreased by 10.09% in the last 24 hours, which is not surprising considering that the entire market is currently recording heavy losses.
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