Stefan Thomas, ex-CTO of Ripple and creator of the InterLedger Protocol, announced that the smart contract platform Codius is now released under an open-source license. This comes after his announcement of a new company named Coil, which aims to change the way content is consumed on the Internet.
Codius is a smart contract platform that functions differently than smart contracts on the Bitcoin and Ethereum platforms. It does not run on an underlying blockchain and instead runs on independent hosts. This is similar to how hosting works today, which allows it to interact with different services and API.
This removes the biggest problems that smart contracts face today, which is interoperability. The Ethereum blockchain itself, which is known for the introduction of smart contracts, finds it difficult to interoperate with even its forks.
The problem faced by Codius was that there was no way to reimburse the costs required to run the contract, as it could not be utilized with any single digital asset. An abstraction layer was imagined as a solution, but this resulted in the creation of Interledger Protocol.
Josh Williams, an entrepreneur and investor, said on Codius:
“Powerful, scalable decentralized computing and smart contracts interfacing with distributed ledgers are essential for every industry hoping to utilize blockchains and the need is particularly acute for highly interactive, real-time, mass market experiences like games. Teams in games and elsewhere are building on Ethereum and running into the cost and scalability issues we’re all familiar with. Codius has great potential in addressing these concerns, and we are eager to work with it.”
Developer, Wietse Wind says:
“After 14 years of running my companies serving mid-sized and some large customers with software/system integration (mostly HR and financial systems) I am disappointed in the inefficiency and lack of transparency [of existing smart contracts solutions.] I am excited to develop on Codius as I expect it will allow users to authorize a Codius application to sign transactions on the users behalf. The Codius app will allow users to set fine-grained permissions and limits, without having to expose the users private key to the Codius infrastructure or the Codius application developer. This will allow developers to create a new breed of tools without compromising on security. Tools that can bridge the gap between the XRP ledger and external systems, events, triggers, and data. This could have an important impact on social developments and practical problems.”
Codius is now released and can be hosted on peer using the Codius Host application.