New Smart Contract System Proposal by Ripple Labs

ripple labsSan Francisco based Ripple Labs, a startup focused on building payment and digital asset networks, has unveiled a comprehensive plan for the development of a new smart contract system called Codius. The proposed system will be programming language agnostic and work with existing monetary and contractual systems.

There are a few cryptographic projects currently seeking to build smart contract solutions, but Codius is perhaps the framework that many in the cryptocurrency space have been seeking to leverage to build asset structures.

Stefan Thomas, chief technology officer at Ripple Labs, told CoinDesk that programmable contracts in digital form will be ubiquitous someday – and that the company wants to be a steward for this technology.

Thomas said:

“contract logic decides who should receive the money. It can query any internet server to do so, including crypto networks, web services, etc. Based on the decision, the contract hosts will allow a transaction sending the money to that recipient to succeed.”

As detailed in a blog post and whitepaper on GitHub, the Ripple Labs plan for Codius is ambitious, building off of researcher Nick Szabo’s early work in programmable methods of contract law.

It relies on the use of what is known as an oracle, which is an instance that can sign a cryptographic key pair if or when a condition is met, hence the concept of a “smart” contract that can execute itself when it has proper inputs.

“Oracles sign things and the signatures trigger actions in the distributed networks,” Thomas explained.

The Codius project calls these “smart oracles”, in the sense that they will be able to operate on an untrusted codebase. This means that there will be open access to this project for most developers since it will not require the use of a specific programming language.

Thomas explained:

“Compared to conventional oracles [such as for bitcoin], smart oracles don’t require you to learn how to write code for the deterministic environments. You can write regular JavaScript, or any other language that somebody has ported to Codius and treat bitcoin as if it was your database.”

Smart oracles handle the sandboxing, identification and even hosting of these digital assets. Furthermore, the system will be able to integrate with a number of different systems of value: bitcoin, Ripple’s XRP or even fiat money.

Read More Here

New Smart Contract System Proposal by Ripple Labs

Source: CoinDesk.com

Related articles

bitmex

BitMEX to Launch Bitcoin Version of VIX

Derivatives exchange BitMEX will publish an index on 5th January that it hopes will become the bitcoin world’s version of the VIX the so called ‘fear index’ that is used to gauge uncertainty in the wider financial markets. Thе 30-Day Bitcoin Historic Volatility Index, аѕ BitMEX iѕ calling it, works bу taking thе time-weighted average […]

Bitcoin Foundation Seeks Clarity From NYDFS on BitLicense Proposal

Uѕing Nеw York law thаt wоuld require a statement оf “needs аnd benefits” fоr proposed regulation, thе Bitcoin Foundation wrote a letter tо thе NYDFS whiсh includes a request undеr thе Nеw York Freedom оf Information Law (FOIL) fоr “any risk management аnd cost-benefit analysis (or аnу оthеr systematic assessment) thаt iѕ a раrt оf […]

Leave a Reply

Your email address will not be published. Required fields are marked *

*