Overview of Ripple and Corda

Introduction

In the beginning itself, the blockchain was mostly heard for its possible applications in the financial domain. Bitcoin started it, and now most of the existing financial infrastructures are attracted towards the blockchain technology. Many of the financial institutions already started to implement blockchain assisted technologies. Consequently, more finance domain specific blockchain development platforms also came into existence. Ripple & Corda is one of them.

Ripple

Industry Focus: Financial institutes
Consensus Type: Probabilistic voting
Network Type: Permissioned
Governance: Ripple Labs

What is Ripple

• Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network.
• Ripple focuses on providing cross-border payment solutions.
• Its main goal is to eliminate the need for older systems like Western Union or SWIFT.

How It Is Different From Bitcoin?

• Ripple is not a blockchain.
• it is consensus oriented.
• Ripple’s token is not mined like Bitcoin, Ethereum and many other cryptocurrencies. 
• Bitcoin can handle 3-6 tps while Ripple is able to handle 1500 transactions per second.

Why Ripple ?

• Ripple is a decentralized but unified system • You can move money from system to system. Or you can keep it simple in Ripple.
• Moving money into and out of Ripple is easy too

What is Ripple XRP ?

• Ripple is an open source person-to-person payment network — a simple way for anyone in the world to send money to anyone else at practically no cost.
• XRP is a math-based currency designed to work seamlessly with the Internet. Powered by a global network of computers, XRP is a fast, direct, and secure way to send payments on the web.

What are the advantages of Ripple?

1-Ripple is in cooperation with many banks and is also not created by anonymous companies / individuals. its founder is obvious.

2-There is no such thing as inflation in the Ripple network.

3-The value of XRP will increase as banks use Ripple as their trading platform. Early investors may have a fortune, as all banks decide to use XRP as a unified currency.

4- Ripple can easily perform transfer transactions for a symbolic transaction fee.(0.000001$)

What are the disadvantages of Ripple?

1- Is very centralized.

2- In addition to its central structure, Ripple Labs is a monopoly with 61 million of the total token.

3- Because it was created with open source code. In fact, this means a wise move, but it means leaving open doors for hacking. sometimes these hackers can hack systems.

Ripple’s Features:

• A peer-to-peer decentralized system, ripple uses open-source technology
• The ripple protocol facilitates instant, free, and secure global transactions
• Ripple has its own cryptocurrency called XRP
• Offer energy-efficient transactions

Corda

Industry Focus: Financial Services
Consensus Type: Pluggable framework
Network Type: Smart contract and Permissioned
Governance: R3 Consortium

• Corda is a distributed ledger platform specially designed for the financial sector. It is an open source platform that can be used to build apps for financial institutions on top of it. It is a permissioned private network designed to record, manage and synchronize contracts and other shared data between partners. Corda is governed by R3 consortium which is a collaboration of 70+ finance institutions. According to R3, Corda is a distributed ledger technology and isn’t a blockchain. In fact, R3 provides a platform for developing and deploying distributed apps for different financial use cases.

• The distributed apps created with Corda is known as CorDapps. DemoBench is a standalone desktop application provided by Corda to configure and launch local Corda nodes. It is a very useful tool for training sessions and development of CorDapps.

• Corda has many similarities as well as differences with many existing blockchain/distributed ledger technologies. Corda allows the creation of immutable records for financial events. But unlike other blockchains, the transactions are done privately in Corda. Corda smart contracts can be written in Java or any other JVM language like kotlin (a java derived language

• And most importantly, Corda is not tied to any particular consensus algorithm and it doesn’t have its own cryptocurrency. It uses the “Notary” infrastructure for ‘sequencing of transactions’ and validating the transactions. And it does not broadcast a transaction globally for validation purpose. A Corda network may have multiple ‘Notaries’ and they validate the transactions using different algorithms.

• The ultimate objective of Corda is to remove costly friction in business transactions by avoiding businesses intermediaries. Since it is only focusing on finance domain, its architecture is simple than that of Ethereum or Fabric. This approach gives performance and security advantage for Corda over other enterprise-level blockchain frameworks. Just like many other distributed technologies, Corda is also in its infant stage and it is hard to make a conclusion on its prospects.

Corda Features:

• An efficient way to conduct KYC and AML
• Compliant with ISO 20022 and ISDA CMD
• Automate business logic
• Facilitates the exchange of high-value data

Main Differences Between Cardano and Ripple

• Cardano has ADA as its native token, while Ripple has another cryptocurrency named XRP as its native token.
• Both of the cryptocurrency platforms are written in different languages. Cardano is in Haskell, whereas Ripple is made in C++ language.
• Ripple has been in the blockchain market for a longer period of time in comparison to Cardano, which came in 2017. Ripple launched in 2012.
• Cardano is discovered and still managed by three foundations. On the other hand, Ripple is only managed by a single entity. The three companies managing Cardano are Cardano Foundation, IOHK, and EMURGO. Ripple is managed by Ripple Labs Inc.
• The ultimate goal of the company is to make the transactions of cryptocurrencies instant, free and unlimited in number for the users. Whereas the main aim of Ripple company is to join as many institutions as possible with its network and cut back the high fees that other places like banks, financial platforms, etc., take from the customers.