thecryptobasic.com
Moonchaser, a prominent figure in the $XRP community, has clarified a prevailing misconception regarding R3 Corda’s connection with $XRP and the $XRP Ledger (XRPL).
Taking to X today, the influencer debunked the claims that R3 was utilizing $XRP or XRPL for its settlement mechanisms, shedding light on the actual scenario.
Dear #XRPCommunity #XRPArmy
Let’s clear up this R3 Corder Settler using #$XRP false and misinformed narrative once and for all.
R3 is NOT using #$XRP or the #XRPL for that matter.
R3’s Corda uses the $XDC Network and $XDC is their primary settlement token.
🧵 1/8 https://t.co/M6l5CMWfKa
— Moonchaser ☀️🪝 (@Moonchaser2020) October 11, 2023
Moonchaser unequivocally stated that R3 Corda is not utilizing $XRP or XRPL for its operations. Instead, R3 Corda has chosen the $XDC Network, whose primary settlement asset is $XDC. This statement serves to rectify the false narrative.
R3 Corda is a permissioned network for financial services and other industries. Notably, R3 Corda has integrated the $XDC Network, according to an announcement in 2021, solidifying its choice of $XDC as the primary settlement token.
Addressing the past confusion, Moonchaser highlighted that there was indeed an announcement about R3 Corda intending to use $XRP as its first mechanism for settlement. R3 made this announcement in December 2018.
However, this was merely a Proof of Concept (POC). Data suggests the implementation never fully materialized, ultimately leading to a legal dispute between R3 and Ripple.
The details of the ensuing lawsuit between R3 and Ripple remain undisclosed due to a confidential settlement, which resulted in both companies, R3 and Ripple, ceasing to mention each other.
Another prominent community member, Eri, also clarified this development in a separate statement. Eri noted that the Corda Settler is an open-source program allowing individuals to deploy tokens for use, including $XRP. This fact does not mean the platform officially uses $XRP.
Corda "Settler", as instructed by SBI CEO Mr. Kitao (2018-2019), used #$XRP in a *proof of concept* only. This OPEN SOURCE SOFTWARE can utilize any digital asset. This code supports the POC. Anyone can deploy and use any asset they wish. This does not mean R3 is using $XRP.… https://t.co/5n2CnfpNZK
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) October 11, 2023
Further Clarification
Additionally, Moonchaser highlighted the role of SBI Group, the largest shareholder of R3 and a Ripple partner, in enhancing the growth of both companies and their crypto ecosystems.
SBI Group’s involvement in SBI R3 Japan, a joint venture with R3, underscores its commitment to supporting Corda licenses and implementation in Japan. This collaboration mirrors SBI Group’s engagement with Ripple through SBI Ripple Asia, a joint venture aimed at enhancing Ripple’s presence.
To affirm her statements, Moonchaser indicated that, at the present moment, R3 Corda is not utilizing $XRP or XRPL, citing people familiar with the matter. She emphasized the absence of public information and any discernible activity on the XRPL corroborating R3 Corda’s use of $XRP.
She encouraged the $XRP community to focus on the promising developments within the $XRP Ledger, emphasizing the need to remain informed and excited about real, ongoing initiatives.
In response to Moonchaser’s statement, another $XRP community figure, WrathofKahneman (WOK), called attention to a thread in January in which he addressed the situation.
In the January post, WOK emphasized that R3 Corda is not set to use $XRP directly or indirectly. Instead, Corda is exploring a new payment approach, currently testing it in collaboration with Ripple partner Modulr.