R3 Corda Aiming to Foster Interoperability with Public Blockchains Via XDC
R3 announced that its Corda enterprise blockchain network will now be interoperable with distributed public ledgers and ERC-20 tokens via eXchange inFinite (XinFin) altcoin XDC, according to reports from March 30, 2021.
The R3-XinFin Alliance grows stronger
In February 2019, reports It emerged that R3, a consortium of over 200 heavy financial institutions, had forged an alliance with eXchange inFinite (XinFin), an enterprise-grade hybrid blockchain that supports complex applications including trade finance, mailings. instant funds, etc.
At the time, the team had hinted that as part of the agreement, “XinFin will launch a number of standardized and decentralized applications in the R3 Corda market and create a bridge to access the public state on the XinFin blockchain network. “
While the previous alliance between XinFin and R3 allows applications already deployed on Corda to access the public XinFin blockchain, LAB577, a group of former RBS bankers have now extended the functionality of XinFin, making its native XDC token a settlement room in the Corda Ecosystem.
Solving interoperability issues
Through sources Close to the question, in addition to facilitating settlements in the Corda ecosystem, XDC will function as a bridge between the old and Ethereum-based projects powered by the ERC-20 token standard.
Commenting on the project, Richard Crook, Director of LAB577 said:
“The first currency across is XDC, but that lays the groundwork for connecting Corda to Ethereum and other cryptocurrency networks. What you should see here is the age-old challenge of interoperability that is solved.
To inform the project, XinFin co-founder Atul Khekade made it clear that XDC is a public protocol just like Bitcoin, however, the former has put in place additional KYC steps that interested validators must take before they can be accepted in the ecosystem.
“Validators must lock 10 million XDC tokens (approximately $ 300,000) to be eligible and must attach their own KYC to the node. It is a public network because it is not authorized, but unlike Bitcoin or Ethereum where anyone can be a validator (miner), there is an additional KYC step.
the R3 Consortium worked around the clock to keep the Corda blockchain as important as possible in the rapidly evolving world of distributed ledger technology (DLT) and the latest interoperability feature is expected to drive adoption of Corda.
In related news, in September 2019, BTCManager informed that R3 and Mastercard had joined forces to deploy a blockchain-based platform designed to enable banks to facilitate profitable cross-border payments.
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