Why is Corda Network Foundation forming saluted in XRP circles?

Corda Network, the underlying blockchain layer supporting the flow of assets/data between businesses running Corda/Corda Enterprise software, will be operated and managed by a newly-founded, independent governing body called Corda Network Foundation.

The foundation has been established by R3, an enterprise software firm sitting behind the development of the Corda blockchain network. R3 has apparently created a consortium of almost 300 members, including various financial institutions, banks, trade associations and fintech companies, whose main goal is to develop Corda – an open-source, distributed ledger financial platform.

Corda provides a global and openly governed network enabling low-friction onboarding of participants to Corda as well as helping developers quickly, securely, and economically develop new applications for Corda and Corda Enterprise, explained R3 in an official statement that was published today on their website. Corda Network will serve as a base layer of identity and consensus, allowing its participants to transfer data and digital assets between communities of nodes (business networks) and different decentralized applications (CorDapps) running on the Corda platform.

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All governance-related tasks and adoption encouraging work will be transferred directly to Corda Network Foundation. Foundation’s board members will be comprised of directors drawn from participants on the Corda Network and elected by members of the Corda Network. R3 claims the entity will be completely independent and extremely transparent in its decision making.

“Corda’s mission has always been to find a way for enterprises to benefit from blockchain’s promise of open, frictionless sharing and global interoperability. The launch of Corda Network and the Corda Network Foundation illustrates this aim perfectly. Participants will be able to build their systems to suit their exact needs and ensure the security of their data, while still benefiting from the advantages of a universal network,” said David E.Rutter, the CEO of R3. He further expanded: “Applications on Corda are seeing wide adoption throughout industries. Corda Network is the next step in bringing these networks together to make these applications even more efficient and effective.”

Several members of the R3 consortium, including B3i, Capgemini, Natixis, and SEB, confirmed their satisfaction and excitement regarding the launch of Corda Network Foundation.

The news will surely interest the XRP crowd as well; in December of 2018, R3 launched a universal settler application called Corda Settler, and chose XRP as the first cryptocurrency that this application will support. Any decisions made by the Corda Network Foundation will reflect on the Corda ledger, CorDapps and potentially on the XRP owners using Corda Settler services.

The fact that XRP is the first supported cryptocurrency marks a rapprochement between R3 and Ripple, coming a couple of months after the pair settled a legal dispute over technology contracts and joint venture agreements. This is seen as one further boost for XRP ecosystem and the Corda activities are closely followed by XRP holders as Corda can act as additional adoption avenue for the currently second largest crypto coin by market cap.

Richard Gendal Brown, CTO, R3, said back in December: “The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together.

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