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cryptofreak

We might see Codius on XRP afterall

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In the recent news they announced Codius, smart contract tool, as a new technology which will automate transactions of all types i.e. copyright claims, insurance payments and even sports wagers. However, very few people can make use of them. Smart contracts, despite coming to existence back in 2014, for most of the time existed in just theory. 

Ripple’s long time CTO, Stefan Thomas, hopes to effect a change in this. Coil, Thomas’s new company, on Wednesday made public the emergence of a product, Codius, described by Thomas as blockchain’s operating system that writes and deploys smart contracts easily at a very affordable price.  

Thomas told Fortune:

Quote

[Codius] is an open source hosting platform available for anyone who wants a secure platform to build or host a smart contract. In the same way that cloud computing made web hosting more accessible, Codius will make experimentation on the blockchain more widely available because people won’t need to build from scratch.

 

Thomas told Fortune about the impractical nature of smart contracts because for new programming languages to be learnt, developers are required. He also brought Ethereum into the picture, tagging it as ill-equipped to operate at scale and that for a single contract to be executed, users could spend a dollar or more.

He added that, there’s no easy way for architectures of existing smart contracts to incorporate existing data sources like weather reports and maps, hereby making the development of practical applications difficult. However, Thomas says that, with Codius, developers can make use of common programming languages such as C++ or Java to tap in various kinds of data.

A blog post noted that:

Quote

This open-source platform allows smart contracts to be written in any popular programming language and it lowers the operating costs by several orders of magnitude compared to Ethereum. It will reduce the barriers to entry for many and opens up the possibility of decentralized mainstream applications built using blockchain.

This means that building smart contracts that can tap into third party information sources like the Yahoo Finance or the Weather Channel, just the same way mobile apps do will be feasible. Thomas also noted that usual web drivers can be used by users in accessing and deploying smart contracts.

 

Thomas might sound too ambitious, but his pedigree means he may be successful at this. At Ripple, He was the main developer of Interledger and back in 2014, he published a white paper about smart contracts. This white paper, in part was based on his discussions with Vitalik Buterin (Now Ethereum’s founder), who in 2013 was a young developer he housed for weeks. Thomas told Fortune that: He values Buterin a lot and that they were good friends, but pointed out that, so far, Ethereum has not been able to fulfil the promise of smart contracts.

During the launch, Wietse Wind, a Netherlands based open source software tools developer and Telindus, a big IT company based in Luxembourg, became the two early users of Codius.

Being that, Codius was developed from Ripple, it will definitely rely on some of its architecture. Codius makes use of Ripple’s Interledger as a system of payment, which could be a potential boost for Ripple if Codius becomes successful.

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