Jun 8, 2018Caroline Harris
By now, most people are aware that Codius is coming back. This in itself is big news, but the relaunch of the smart contract platform is making waves for two other reasons. First, people are talking about it because the product will not be launched through Ripple, but rather by Coil. Second, there is speculation that Codius is going to kill Ethereum (ETH).In this article, we're going to be dissecting both of those headlines.
Codius is Back! But It's Not Ripple's Product Anymore
In May, Stefan Thomas departed from Ripple. He is the creator of Codius, and during his time at Ripple, he worked as the CTO. When Codius was first created four years ago, Ripple had all sorts of plans for thesmart contract platform. Then, the project was shelved. However, now that Thomas has left the building, Codius is back, launching through a brand new company.Thomas' new company is called Coil.https://twitter.com/justmoon/status/1004349159200120832?ref_src=twsrc%5Etfw&ref_url=https%3A%2F%2Fcryptocurrencynews.com%2Fripple-news-06-06-18
Codius is Back! But Now People are Worried about Ethereum
Essentially, Codius is a smart contract platform. If you don't know what smart contracts are, here's a quick lesson: smart contracts help individuals exchange property, money, or anything that has value in a fast, conflict-free way. Specifically, you can exchange these things without having to go through a third-party.While there are numerous smart contracts out there, Thomas's Codius is thought to solve problems typically experienced on the Ethereum (ETH) platform. These problems include things like congestion on the ETH network, scaling, and high fees for transactions.If it is able to solve these problems, the end result could be the Ethereum (ETH) platform losing its users. Plus, it has the potential to affect the entire smart contracts industry, considering it just being on the market is a game-changer.
Where Has the Fear Stemmed From?
So, what is the reasoning behind people's fears of Codius hurting Ethereum? Well, for starters, it plans to use Interledger in order to allow for interoperability between various blockchain platforms. This is something that was always discussed but was never turned into a reality. Until Codius. That, and it is taking it one step further: never again will there be silo barriers on the blockchain.It's not just that, though. Many are worried that Codius will become the top choice for the public, ultimately driving out the other platforms in the sector. The fear is justifiable; after all, the platform will get a lot of support from the Ripple community. This is because Thomas worked there for a long time, and XRP seems to be a "people's cryptocurrency" so it's likely this support and popularity will transfer.Last but not least, this smart contract has the potential to kill ETH because it could, in time, be used by both the Internet and the blockchain community. Yeah, that's right - Coil - the company developing the platform - has plans to monetize the Internet. And how are they going to do that? By using smart contracts.
The Takeaway
>>Are Day Traders Ruining Bitcoin? Short-term Speculators on the RiseOf course, this is all just speculation. Who knows, Ethereum (ETH) may be able to withstand Coil. However, I will say this: Codius has been "five years in the making," so I wouldn't be surprised if Thomas has some tricks up his sleeve.https://twitter.com/justmoon/status/1004383653416189953Featured Image: Twitter
STOCKS YOU MAY LIKE
Crypto News
Square Wins US Patent for Fiat-to-Crypto Payments Network
Jan 22, 2020Caileam Raleigh
Square, the payment services provider founded and run by Twitter's Jack Dorsey, has won a US patent to launcha new network that enables crypto-to-fiat transactions. Square was founded in 2009 by Jack Dorsey and Jim ... [Read]
Crypto News
Cryptocurrency Future- What Does It Look Like?
Feb 9, 2018Robert Herbison
Cryptocurrency Future - What would that actually look like? A cryptocurrency or digital currency is essentially virtual funding managed by sophisticated encryption methods, collectively known as cryptography. It first manifested back in 2009 in the ... [Read]
Crypto News
The Cryptocurrency Mania Will Expand Further
Jan 5, 2018Siraj Sarwar
The consolidated value of cryptocurrencies has recently crossed the $750 billion mark. Bitcoin, the most popular among cryptocurrencies, accounts for almost 40% the total market capitalization of crypto markets. Market capitalization is always considered as ... [Read]
News
Crypto Whales Move Over 330 Million XRP After Hearing Against SEC
Jun 14, 2022Adewumi Victor
After the lawsuit hearing held last week between Ripple (XRP) and the SEC, millions of XRP coins have been moved through different crypto exchanges to anonymous wallets in the past few days. According to the ... [Read]
Ripple News
Ripple’s Xpring Introduces Smart Features to XRP Ledger
Apr 14, 2020Ankit Singhania
XRP is now the third-biggest cryptocurrency in the world by market cap, and much of the credit for its success goes to the San Francisco-based Fintech company, Ripple Labs. In a new development that should ... [Read]
Ripple News
XRP Could Upswing Despite Growing Uncertainties Around the Token
Mar 6, 2020Ankit Singhania
Controversy continues to surround Ripple’s XRP token, and the company’s incentivizing of partners to start using its cross-border payment solution has flooded the crypto’s market supply. However, despite all this uncertainty surrounding XRP, one analyst ... [Read]
Ripple News
Ripple Criticized for Unlocking XRP Worth $230 Million from Escrow
Mar 2, 2020Ankit Singhania
There is a possibility of traders experiencing a sell-off in XRP after Ripple unlocked another 1 billion XRP, worth around $230 million from its escrow wallet. Ripple Draws Criticism for Unlocking of 1 Billion XRP ... [Read]
Ripple News
Whale Transfers 31.30 Million Ripple (XRP) to Bitstamp
Feb 25, 2020Ankit Singhania
Over the past year or so, the fintech firm Ripple has come under fire from the XRP community for selling large amounts of the cryptocurrency token. The company holds the highest number of XRP tokens, ... [Read]
Ripple News
How Could a Potential Ripple IPO Affect XRP’s Price This Year?
Feb 21, 2020Ankit Singhania
Over the past year or so, XRP is probably one of the few major cryptocurrencies that have not enjoyed any meaningful gains, and much of the blame has been laid at the door of the ... [Read]
