Industry Experts

Corda and Bitcoin from the eyes of the lead engineer

Corda and Bitcoin are more similar according to lead engineer Mike Hearn of Corda, the open source blockchain of the industry consortium R3.

As reported by CCN. Hearn said:

“It owes more of its intellectual history to Bitcoin than Ethereum in a way. Its’ data model is similar to Bitcoin, which enables you to have privacy because you don’t see the transactions on your critical path.’’

Despite the infamously start Bitcoin experienced in early 2016, its adopters are aware of the risk they are taking.

Mike Hearn warns that Corda is not a global revolution as they are optimizing existing economies in effect but not to overthrow any systems. Corda just like Bitcoin is an open-source project at a community level and funded by R3. There is a slack channel and mailing list where you can make suggestions and talk to the employees.

Both Corda and Bitcoin use UTXO model.  That is, they both see ledger as a set of unchanging entries representing facts or values that are created and deleted but never altered. Ethereum, on the other hand, sees the ledger as a set of programs that send messages to each other.

Bitcoin uses programming languages C++ and Satoshi- designed, but limited. Ethereum and Bitcoin script is designed to look like JavaScript for development; Corda doesn’t have its programming language. Hearn said that they are not inventing their own custom programming environment or language, but they are using Java, Scala and Kotlin or any other language that runs on Java virtual machine (JVM), which allows a computer to run related Java-related programs.

Corda is designed for financial apps but Bitcoin features capabilities for tracking a single currency and impose flexible control of the currency. The Bitcoin database consists of a value and a script that controls who can claim the value, but Bitcoin doesn’t encode. Corda and other platforms want to manage any kind of data but not a single currency.

R3 have developed a competitor to Bitcoin on Corda by building a Bitcoin-style cryptocurrency on top of the enterprise-focused platform.

Do you think Corda and Bitcoin are similar?

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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