Impel's R3 Corda | XDC Network Bridge
Blockchain protocols and other related distributed ledger technology platforms tend to be silos to themselves, unless a software bridge is created to connect the two platforms, so digital assets can be moved back and forth allowing for interoperability.
101 Blockchains does a deepdive into blockchain bridges with there article titled "What Are Blockchain Bridges And How Do The Work?".
The XDC Network is an enterprise-grade, EVM-compatible Layer 1 network equipped with interoperable smart contracts. A highly optimized, bespoke fork of Ethereum, the XDC Network reaches consensus through a delegated proof-of-stake (XDPoS) mechanism, which allows for two-second transaction time, near zero gas fees, and over 2,000 transactions per second (TPS). Secure, scalable, and highly efficient, the XDC Network powers a wide range of novel blockchain use cases. Learn more at https://xdc.org
XDC Network logo
Impel's CEO and Founder Troy S. Wood wrote a deepdive article called Everything you need to know about the XDC Network, a quite helpful and informative write-up that paints the big picture of the network and its ecosystem.
R3 exists to help organizations shape the future of regulated markets by leading the future of digital finance by powering multi-party solutions that deliver digital trust and unlock greater potential for regulated businesses everywhere.
R3 Corda logo
The R3 team first developed Corda - a purpose-built, private DLT platform that is not only sustainable by design, but has facilitated hundreds of networks across financial services. Building on Corda’s success, we then launched Conclave, a confidential computing platform for secure, multi-party data sharing that works with or without Corda.
R3’s Corda is a scalable, permissioned peer-to-peer (P2P) distributed ledger technology (DLT) platform that enables the building of applications that foster and deliver digital trust between parties in regulated markets.
Cordite is an open source project creating open source DeFi features for Corda. Cordite continues to make leading-edge features available to the Corda community.
Impel's R3 Corda bridge connects to the Cordite CorDapp on the Corda platform.
Cordite provides decentralised economic and governance services including:
- Decentralised stores and transfers of value allowing new financial instruments to be created inside the existing regulatory framework. eg. tokens, crypto-coins, digital cash, virtual currency, distributed fees, micro-billing
- Decentralised forms of governance allowing new digital autonomous organisations to be created using existing legal entities eg. digital mutual societies or digital joint stock companies
- Decentralised consensus in order to remove the need for a central operator, owner or authority. Allowing Cordite to be more resilient, cheaper, agile and private than incumbent market infrastructure
Cordite is open source, regulatory friendly, enterprise ready and finance grade.
Cordite is built on Corda, a finance grade distributed ledger technology, meeting the highest standards of the banking industry, yet it is applicable to any commercial scenario. The outcome of over two years of intense research and development by over 80 of the world’s largest financial institutions.
Impel’s R3 Corda bridge provides not only interoperability, but a settlement vehicle for making payments on contracts and settling debt obligations. Rather than using traditional banking systems that take much longer to process payments, entities can settle in seconds using digital assets via Impel's bridge to Corda's CorDapps (Corda Distributed Applications).
The bridge allows digital assets "cryptocurrency" such as a stablecoin like Fluent Finance's US+ or other digital assets like XDC, the native coin to the XDC Network to move from the XDC Network's public blockchain to R3's private DLT platform.
With this unique bridging technology, data can be recorded privately on the Corda platform, while limited data sets are transferred to the public XDC Network's blockchain DLT, thereby mitigating institutional risk, and turning Corda into a hybrid network. By extension, this shared ledger will connect the XDC coin and XRC-20 tokens (Layer 2 projects) with every other Corda CorDapp on their private network platform.