Introducing the XTS Fountain to the Corda Network
Our intention is to bring distributed governance and economic services to Corda so we could help build an ecosystem of self supporting business networks where the majority of their business could be done ‘on chain’
A key enabler for doing business is the exchange of value provided by tokens. When businesses can pay for each other’s services within the public Corda Network we can reduce the cost of business transactions and reduce the need for manual reconciliations — i.e automatically reconciling invoices and their associated payments.
By having tokens directly exchanged between their ledgers, businesses can have a realtime and up to date view of their cash flows.
And you only have to read the financial press to see the large potential for using digital assets.
To move Corda forward on its token journey, the Cordite Foundation has released the XTS Fountain.
What is the XTS Fountain?
The fountain is a place where you can request XTS tokens to be sent to a ‘token’ account on your corda node.
The XTS Fountain will mint you XTS and send them to your account.
These tokens can then be freely exchanged between accounts and nodes across the public Corda Network
What is XTS?
XTS is the ISO currency code reserved for use in testing. Using this token within the Corda network enables you to get up and running and test the exchange of tokens between your accounts and others on the network. You can also try incorporating token ‘payments’ within your Cordapps.
Using XTS establishes a common test token for exchange within the network.
Cordite uses the Corda Token SDK so you can create your own tokens and digital assets for transfer across the public Corda Network.
How do I get tokens?
In order to get tokens into an account, you will need the following:
- A node on a Corda Network.
- The Cordite Cordapp Installed.
- An account on your node in which to put the tokens.
To get tokens from the fountain, you need to go to the Cordite Foundation and enter your Cordite account address.
For the moment the issue of tokens is limited to 100 XTS per node per day.
Testing with XTS or your own Digital Assets
If you want to try sending and receiving tokens then you can do this using the Cordite ‘Echobot’.
To use the Echobot you need to do the following:
- Create your own tokens or get some from the Fountain
- Create a cordite account on your node called ‘echo’
Send some tokens to Cordite Foundation ‘echo’ account: echo@CN=csl.cordite.foundation, O=Cordite Society Limited, L=London, C=GB
The echo bot will then send the tokens you sent to it back to your ‘echo’ account.
If you have any issues or questions, you can report to the #cordite channel on Corda Slack.
Happy Tokeneering !
Cordite is a trusted independent open source project and proving ground for disruptive and usually controversial features that broaden Corda appeal across the blockchain eco-system. Cordite continues to make leading-edge features available early to the Corda community