Ripple executive launches smart contracts platform to compete with Ethereum

Ripple's CTO has launched a new company called Coil, which includes a product of easy-to-access smart contracts to compete with Ethereum.

Smart contracts are one of the little-used promises of revolutionary technology brought by blockchain. Their problem in their current form is that they are not very easy and can be expensive. These are the reasons that Ripple's chief technology officer, Stefan Thomas, created Codius, which he calls the operating system for the blockchain as part of his new company, Coil.

Thomas, who has hosted the founder of Ethereum Vitalik Buterin, visits his home, found that existing smart contracts lack simple integration skills with external data sources, making it difficult to create practical applications. With Codius, developers can use common programming languages ​​to integrate all types of data.

"[CODIUS] IS AN OPEN-ENDED HOSTING PLATFORM AVAILABLE FOR ANY SAFE PLATFORM TO BUILD OR HOST AN INTELLIGENT CONTRACT, LIKE THE COMPUTER IN CLOUD MAKES THE MOST ACCESSIBLE HOST, CODIUS WILL MAKE THE EXPERIENCE IN THE MOST ACCESSIBLE BLOCKCHAIN, PEOPLE WILL NOT NEED TO BUILD FROM ZERO, "THOMAS SAID.

Thomas talked about it with Vitalik
An ambitious Thomas project that, as Ripple's CTO, was the main creator of Interledger, a tool that allows different banking protocols to interact with each other. His interest in smart contracts comes from 2014, when he published a white paper on the subject, possibly influenced by the talks he had with Vitalik, with whom he stayed for several weeks in 2013. Vitalik is now famous for creating and building Ethereum and Thomas says still has a great respect for him, but that the intelligent contracts of the Ethereum are not created for easy adoption. He said:

"THIS OPEN CODE PLATFORM (CODIUS) ALLOWS INTELLIGENT CONTRACTS TO BE WRITTEN IN ANY POPULAR PROGRAMMING LANGUAGE AND REDUCES OPERATIONAL COSTS IN VARIOUS MAGNITUDE ORDERS IN COMPARISON WITH ETHEREUM. IT WILL REDUCE ENTRY BARRIERS FOR MANY AND WILL OPEN THE POSSIBILITY OF DECENTRALIZED MAINSTREAM APPLICATIONS BUILT USING BLOCKCHAIN. "

This will allow users to create smart contracts that can use third-party information sources and can be accessed by regular web browsers instead of special software such as Coinbase's Toshi. Codius already has two users signed up for Telindus, a major IT company in Luxembourg, and Wietse Wind, a developer of open source software tools based in the Netherlands.

Coil is formally an offshoot of Ripple, since it has part of the architecture of the platform, mainly Interledger created by Thomas as a payment system. This may result in an increase in the price of Ripple's XRP token if Codius is able to adopt the new standard of smart contracts, but has difficult and established competition.

Source: https://ripple.com/