Recent reports making the rounds point to the sure return of Codius. Pundits are already speculating about the potential threat it may pose to Ethereum.
Photo: Stefan Thomas (former CTO, Ripple)
It will be recalled that, May 2018 saw the exit of Stefan Thomas from Ripple. He was the mastermind and actually actively involved in the creation of Codius while he worked with Ripple as its CTO. Codius, a smart contract platform made its entrance into the market four years ago.
Ripple set its sights on rolling a remarkable array of plans for its new product. However, the ‘codius project’ fizzled out even before many of these plans could see the light of day. Thomas foundered a company recently called Coil, which is currently working towards ensuring Codius makes a soon return.
Where and how does Ethereum come into the picture?
As a smart contract platform, Codius in its initial emergence helped resolve some critical challenges that were associated with the Ripple-owned platform, Ethereum (ETH). Notable among these challenges were congestion on the ETH platform, relatively higher fees for transactions and scaling.
Now, smart contract platforms such as Codius assist individuals who may want to exchange money, property or any item of value to do so in a swift and conflict-free manner. These exchanges are also allowed to be effected without having to go through third parties.
The soon return of Codius has no doubt sent shock waves down the spines of the likes of Ripple, and Ripple in particular as it poses a significant threat to the profitability of Ripple`s ETH platform. What may really happen is that, once Codius is providing solutions where ETH is challenged, the possibility of user-flight from the ETH platform to Codius is high.
Some pundits have had to admit that Codius` re-entrance into the industry will be a game changer. To engender interoperability between various blockchain platforms, Codius plans to use Interledger. This will potentially bring an end to the era where silo barriers in blockchain was the norm, rather than the exception.
Some industry watchers speculate that Codius could unseat top-performing platforms to become the public`s top choice. Fears are rife about the return of Codius as it is well placed to make significant inroads into the industry, a trend which many speculate could spell doom for other competing platforms. These fears and concerns are justifiable partly because of yet another speculation making the rounds about Codius` potential to garner strong support from the Ripple community as earlier intimated.
This is linked to the fact that Thomas was once associated with that community. They have a sense of what he (and the platform) brings to the table and have had a feel of it, however short-lived. It also appears that for many cryptocurrency users, XRP is the preferred choice. Such a preference and disposition may eventually be transferred into support for a product like Codius.
The heat gets hotter for Ripple. Why so? Coil, the company developing Codius plans to extend its tentacles to the internet. They are looking to make substantial gains not only in the blockchain community but also on the internet. The plan is to essentially monetize the internet by pushing for smart contracts, aided by Codius.
Does it look like Etheruem may run out of business any time soon? Well, if Codius eventually makes a return and successfully follows through with its lofty plans, it possibly could represent a final death blow to ETH.
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