R3 to launch blockchain for DeFi with its own token

October 11, 2021

R3 to launch blockchain for DeFi with its own token

R3, provider of the Corda enterprise DLT platform, is exploring the possibility of launching a network for decentralised finance (DeFi) as a second-tier Ethereum solution with its own token. This is reported by Ledger Insights.

The network's pilot project, called Obscuro, will combine the transparency of a public blockchain with the privacy of a private one, the firm explained.

The proof of concept for the solution is expected to be completed in 2022. R3 stressed that it will not launch the network or the corresponding token without a clear regulatory framework.

According to the company, its solution will provide a more secure form of DeFi, reducing the risks of abuse. For example, such as ahead-of-the-money transactions by miners.

The plan is to ensure this through Conclave's privacy technology. It works like a black box, hiding transactions from third parties. However, R3 intends to make this feature "deferred" - after some time, the information will become open to maintain the necessary level of transparency.

"R3 is exploring how to bring traditional finance and DeFi together, and we believe we are uniquely placed to provide that link. Neither of them will be a winner. We believe the future of these two worlds will be hybrid," the company said.

As a reminder, R3 previously announced the release of a token for DeFi in the Corda ecosystem.

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Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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