Banks Are Trying to Launch Crypto Assets with R3 Tech via @coindesk

As reported by Coindesk, “It may have seemed unthinkable four years ago, but crypto tokens might be coming to R3’s Corda.

“Revealed exclusively to CoinDesk, Cordite, an open-source community that’s independent from R3, but building solely on the code it pioneered, is about to come out of stealth mode. Cordite promises to do for enterprise blockchains what the ERC-20 standard did for ethereum: allow the creation of different tokens representing various kinds of assets on the same network.

“The difference is that Cordite is designed specifically for use by the banking industry. Indeed, the main contributor and community leader of the project is one of the world’s 30 largest financial institutions, the Royal Bank of Scotland (RBS).

“So whereas ERC-20s unleashed the initial coin offering (ICO) boom, enabling startups across the globe to bypass the usual fundraising hurdles and raise billions from the public by creating exotic new tokens, Cordite will allow digital representation of mryiad assets traditionally held and traded by highly regulated institutions.

“In this way, blockchain networks could become more useful to these large companies, since they could track both sides of a trade – cash for securities, for example, or one type of foreign exchange for another – on the same ledger, rather than having one leg of the transaction occurring off-chain.”