By now, most people are aware that Codius is coming back. This in itself is big news, but the relaunch of the smart contract platform is making waves for two other reasons.
First, people are talking about it because the product will not be launched through Ripple, but rather by Coil. Second, there is speculation that Codius is going to kill Ethereum (ETH).
In this article, we’re going to be dissecting both of those headlines.
Codius is Back! But It’s Not Ripple’s Product Anymore
In May, Stefan Thomas departed from Ripple. He is the creator of Codius, and during his time at Ripple, he worked as the CTO. When Codius was first created four years ago, Ripple had all sorts of plans for the smart contract platform. Then, the project was shelved. However, now that Thomas has left the building, Codius is back, launching through a brand new company.
Thomas’ new company is called Coil.
Codius is back! Read the announcement: https://t.co/g0GJX0Gik6
— Stefan Thomas (@justmoon) June 6, 2018
Codius is Back! But Now People are Worried about Ethereum
Essentially, Codius is a smart contract platform. If you don’t know what smart contracts are, here’s a quick lesson: smart contracts help individuals exchange property, money, or anything that has value in a fast, conflict-free way. Specifically, you can exchange these things without having to go through a third-party.
While there are numerous smart contracts out there, Thomas’s Codius is thought to solve problems typically experienced on the Ethereum (ETH) platform. These problems include things like congestion on the ETH network, scaling, and high fees for transactions.
If it is able to solve these problems, the end result could be the Ethereum (ETH) platform losing its users. Plus, it has the potential to affect the entire smart contracts industry, considering it just being on the market is a game-changer.
Where Has the Fear Stemmed From?
So, what is the reasoning behind people’s fears of Codius hurting Ethereum? Well, for starters, it plans to use Interledger in order to allow for interoperability between various blockchain platforms. This is something that was always discussed but was never turned into a reality. Until Codius. That, and it is taking it one step further: never again will there be silo barriers on the blockchain.
It’s not just that, though. Many are worried that Codius will become the top choice for the public, ultimately driving out the other platforms in the sector. The fear is justifiable; after all, the platform will get a lot of support from the Ripple community. This is because Thomas worked there for a long time, and XRP seems to be a “people’s cryptocurrency” so it’s likely this support and popularity will transfer.
Last but not least, this smart contract has the potential to kill ETH because it could, in time, be used by both the Internet and the blockchain community. Yeah, that’s right – Coil – the company developing the platform – has plans to monetize the Internet. And how are they going to do that? By using smart contracts.
The Takeaway
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Of course, this is all just speculation. Who knows, Ethereum (ETH) may be able to withstand Coil. However, I will say this: Codius has been “five years in the making,” so I wouldn’t be surprised if Thomas has some tricks up his sleeve.
Five years in the making! #Codius https://t.co/N8Km9K2vzT
— Stefan Thomas (@justmoon) June 6, 2018
Featured Image: Twitter
