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Cordite Society to mint first bank-grade digital currency for R3 Corda

Cordite Society to mint first bank-grade digital currency for R3 Corda

The Cordite Society, a co-operative spawned from a research project at Royal Bank of Scotland, has released XDC, a digital currency for lubricating transactions on the R3 Corda blockchain network.

XDC is a regulatory-friendly Exchange Token as defined by the UK’s FCA guidance as a “means of exchange...a decentralised tool for buying and selling goods and services without traditional intermediaries”.

Minting of the new coin is authorised by Cordite Society members and evenly distributed among participants.

In a positioning paper explaining its aims, the Cordite Society says: "XDC has been designed to meet the basic functions of money - A store of value with which to transfer purchasing power from today to some future time which is highly trusted; a medium of exchange with which to make rewards for contributions and is easy to use; A unit of account with which to measure the value of a particular reward or contribution"

XDC has been purposefully designed for bank-to-bank transactions, enabling digital representation of assets held and traded by institutions over shared ledgers. Alternatively it may take the form of promissory note guaranteeing payment on the delivery of goods and services through a blockchain transaction

Overseen by Richard Crook, the former head of emerging technology at RBS, XDC has been released onto the Public Corda Network, with each node representing a legal entity, identified by a trusted identity certificate (X.500). This ensures that XDC meets the G20 sanctioned FATF standards on digital assets to mitigate AML/CTF risks.

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