Ripple keeps on trying to dominate the market. Between new products, brand new partnerships and even global events, they are trying to work with major financial institutions to try and place themselves on the top of the blockchain. When you look at their clients, you will see that a lot of them are corporate giants and that they are also very profitable ventures as well. Ripple’s philanthropy has also brought around a huge amount of press to the industry and this can only be seen as a good thing. Their fulfilment of every campaign on Donor’sChoose.org actually had a television appearance and this is great news for the industry.
The problem is that there is one factor that Ripple have been trying to avoid since 2015 and this is smart contracts for applications. Their decision to put Codius to the back of the shelf sure did make a lot of sense at the time. Smart contracts at the end of the day are not proven at all and they are really not a factor when you look at cryptocurrency projects. Ethereum’s own creation didn’t happen until around a month later. Now the smart contracts are actually a part of regular activity on the market it would seem that Ripple should really bring Codius back into the game.
Codius was announced in 2014 and it was a means for distributed apps to run on the platform of Ripple. There has been a lot changed since then but it’s important to know that the general idea has not at all. For Ripple, they made the decision to suspend Codius and this prevented them from being one of the first platforms to bring something like this to the market. If the products continue to do well then nobody can really accuse Ripple of failure here. Sure, the market may seem huge at the moment but it is actually only a small fraction of what it used to be. Ripple believed that the market at the time would not be able to support Codius.
It’s important to know that the environment right now is very different to what it once was. Smart contracts are a regular feature of the blockchain and the market size has grown by an incredible amount. Noting this, smart contracts are also one of the main attractive features of blockchain technology. This is especially the case when you look at traditional businesses. If Ripple are somehow able to create an easy to use, seamless smart contract platform then this means that they could then expand their offerings in a huge way. The CTO of Ripple who is known as Stefan Thomas floated with the idea of reviving the platform and they have gone on to say things like this since August last year. The problem here is that the beginning of 2018 was rather hectic and now the market has stabilised. It really does make sense for Ripple to be making new product lines and Codius is certainly the way to go.
Ripple’s own payment protocol has already provided a centralised system and this enables financial institutions to upgrade the legacy network that they have. Applications like this give businesses the chance to launch their appeal and it also gives them the chance to provide a better experience to their end-users as well. Rather than having a transaction system, there is certainly a lot of potential for a fully featured application and this is going to make Ripple all the more attractive.
The ability to institute a range of smart contracts can really help with RippleNet’s own bridge procedure and this is especially the case if they are able to automate their contracts. If they can do this while fiat pairings are matched then this will put them in a really impressive state and it will also help to make them stand out that little bit more as well.
Ripple’s own value is increasing all the time and this is especially the case when you look at Q2 in 2018. This is in line with the rest of the market and now emerging from that, the market is now ready to have a bull run. There is going to be a lot of sideways movement and there is also a high chance that Ripple is going to have a major advantage here. The addition of having a fully complete smart contract layer will carry on helping this process and this is also going to boost the product potential as well. It is also going to attract a lot of development experts which will help to eliminate some of the scepticism that is coming from the community. Ripple has easily had one of the best public relations of any blockchain project and there is no doubt at all that they will try and use this to their advantage.