R3, Developer of Corda, Working on Unique DeFi Network with Its Own Token

R3, the leading provider of enterprise technology and services, is building a unique DeFi network with a corresponding token. Just to remind, R3 is also the developer of the enterprise blockchain Corda, a Distributed Ledger Technology that can be used by businesses and financial institutions to keep a shared ledger of transactions.

According to Ledger Insights, the announcement was made at Wednesday’s CordaCon 2021 conference.

A speaker for R3 announced that the organization has been curating a proof-of-concept system that will thrive on transparency for external authorities using a decentralized, permissionless network that values privacy with an associated token. The project, called Obscuro, will be ready for launch in 2022. According to the announcement, the launch will take place only when the regulators give a nod to the project. The firm also claimed that the current rules and mandates furnish some unanswered questions that can be brought up during the official launch, therefore, will have to be resolved.

Adding to the above statements, R3’s speaker said that the company will do everything according to the regulations, and while this is true, they would also like to be in a stronger position from a technological perspective once the regulatory side is secured.

The firm started off as a bank consortium, and as of today, has raised approximately $119 Million from multinational banks. Its privacy technology, Conclave, is the essential confidential computing technology that supports the Obscuro network. R3 has decided to issue a regulatory compliant utility token to support its network. According to the company, R3’s Decentralised Finance network Obscuro can diminish malpractices like front-running.

Apart from the announcement by the spokesperson, it is also worth mentioning R3 is trying to bring together the radically opposite systems of traditional finance and Decentralised Finance (DeFi). According to the company, no one of them would win out in the end, and the future of financial systems will be a hybrid of both systems. While acknowledging the need to make DeFi more secure for a regular consumer in the world of Blockchain before it is adopted completely, the speaker said that the main goal of any network should be to ensure the privacy of the individuals on it.