Ripple’s Former CTO Explains Codius & InterLedger Protocol Smart Contracts
The recent Crypto Valley Conference has featured a lot of interesting details regarding the smart contract platform called Codius, which was explained by Stefan Thomas, Ripple's former CTO. He also shared many details smart contracts, the InterLedger Protocol, as well as interoperability.
According to Ripple's ex-CTO, Stefan Thomas, who spoke at the Crypto Valley Conference, Codius is a type of platform where smart contracts can be created and hosted by anyone looking for a safe place to do so. The platform is open source, and it allows the hosting of various dApps that are using P2P technology. Additionally, the platform has a built-in payment support, that comes via the ILP (InterLedger Protocol).
After leaving Ripple, Thomas has started a new company by the name of Coil. He created it for helping the monetization of various content that is available online. For this purpose, the ILP was also invented in order to handle different microtransactions.
Thomas on Codius
He began his speech with a focus on an argument regarding the hash rate centralization of Bitcoin's blockchain. He also mentioned that nearly half of the mining power for the BTC's blockchain can only be found in Bitmain-controlled mining pools. According to Thomas, this might go as far as to be a security issue for Bitcoin, since the possibility of a double spend attack exists, and such attacks cannot be stopped as they are happening.
After this, he started talking about Codius, which is, according to him, a lot like the architecture of Ethereum. However, because of the Turning-complete sandbox being present on all the nodes, a chance of the state mutation of the blockchain is also present. He mentioned that Codius might be seen as a group of stateless systems, and that it lacks a consensus protocol.
Basically, this means that it is an isolated system that works similarly to different hosting services, but with one key difference, which is the fact that it offers much more power over the hosting nodes. He then stated that this allows for multiple options, like having increasingly decentralized contracts, large or small number of hosts, as per the users' wishes, and alike.
One of the most important aspects, that is really what makes Codius stand out, according to Thomas, is the fact that it notifies all of the nodes about what code the server is receiving. This gives the nodes a stable image of the code. Codius' main idea is to deploy dApps which can store data, and which do not need zero-knowledge proofs. The platform is developer-friendly, and they can choose any language they wish to code in.
He also said that, by choosing to upload a smart contract to Codius, the user can pick any number of hosts that they wish. This allows for an effective way to run private blockchains.
Next, Thomas spoke about Codius' use-cases and possible applications, stating that Codius can be accessed via HTTPS, which allows its utilization to run a network dedicated to content delivery. The network would load fast, AZ and have access to the closest node on Codius. This has a large potential appliance within the gaming industry, considering the low-latency requirements for online games can easily be satisfied by getting access to the node that is closest to a specific client that is being served.
InterLedger Protocol Explained
Finally, he reflected on the InterLedger Protocol, stating that it allows server hosters to get payments by using it. According to Thomas, the payments would support a large number of cryptocurrencies, and not limit themselves to XRP transactions. The inspiration for creating ILP came from witnessing the data silos inoperability, which is a known issue all throughout the internet.
Thomas created ILP back in 2015, and has said that it is a perfect solution for streaming payments. It is capable of sending very small amounts of money, and it can split payments into many smaller chunks. It can even transfer some of the fungible tokens into a universal payment system, where they can become interoperable.
According to him, the users will be capable of choosing the most liquid tokens with the lowest fees, with no regard to the nature of the case that they wish to address.