R3, known for its enterprise blockchain Corda is planning a Proof of Concept for a private permissionless network as a layer 2 solution on Ethereum. R3 is not a one-trick pony and has an important privacy technology, Conclave, which is the key confidential computing technology behind the new Obscuro network announced today at the CordaCon 2021 conference. The company is also planning to issue a regulatory compliant utility token to power the Obscuro network.
However, the company made it clear it was not abandoning its roots. “R3 is looking at the question of how we bring traditional finance and DeFi together, and we believe we are uniquely positioned to deliver this connectivity. Neither one will win out. We believes the future of these two worlds will be hybrid,” it said in a statement.
It sees a need for this kind of solution because of demands for privacy, to address the front running activity prevalent on public blockchains, and as a scaling solution for Ethereum.
Transparency is one of the key features of public blockchains. It’s an enormous asset, but for users that want privacy, it’s a liability. Some don’t believe that DeFi can enter the mainstream without enabling privacy.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
