R3 Corda Features

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Questions and Answers

What is the primary design objective of Corda?

  • To compete with existing cryptocurrency platforms.
  • To create a public, permissionless blockchain for global transactions.
  • To provide a decentralized social media platform.
  • To facilitate P2P communication on a need-to-know basis for enterprise blockchain applications. (correct)

Which feature distinguishes Corda from other blockchain platforms?

  • It supports native cryptocurrency for all transactions.
  • It is a public, permissionless blockchain.
  • It validates transactions only with involved parties. (correct)
  • It relies on a proof-of-work consensus mechanism.

What is the significance of 'selective information sharing' in Corda?

  • It allows data to be shared only on a 'need to know' basis. (correct)
  • It ensures all data is globally shared across the network.
  • It eliminates the need for transaction fees.
  • It guarantees complete anonymity for all users.

What characterizes Corda's consensus mechanism?

<p>It uses 'Pluggable Consensus,' allowing tailored approaches. (D)</p> Signup and view all the answers

How does Corda ensure uniqueness and validity of transactions before commitment?

<p>By requiring transactions to achieve both uniqueness and validity consensus. (B)</p> Signup and view all the answers

In Corda, what does the term 'state' represent?

<p>An immutable snapshot of facts known by network nodes. (C)</p> Signup and view all the answers

What is the role of 'contracts' in the Corda platform?

<p>To govern the evolution of states by verifying the legality and validity of transactions. (A)</p> Signup and view all the answers

How does Corda handle privacy differently from traditional blockchains?

<p>By sharing transaction data only with relevant parties, not broadly. (C)</p> Signup and view all the answers

What is a 'CorDapp'?

<p>A decentralized application built on the Corda platform. (B)</p> Signup and view all the answers

How does Corda achieve scalability compared to other blockchain solutions?

<p>Through validating transactions only by involved parties rather than a broad pool. (D)</p> Signup and view all the answers

What is one of the main advantages of using Corda's 'UTXO' model?

<p>It helps prevent double spending. (B)</p> Signup and view all the answers

In Corda's architecture, what function does the 'Notary' perform?

<p>It ensures the uniqueness of transactions, preventing double-spends. (A)</p> Signup and view all the answers

Which programming language is primarily used for Corda development?

<p>Kotlin (B)</p> Signup and view all the answers

In a Corda network, what does a 'Node' represent?

<p>The hardware hosting a participant in the network. (C)</p> Signup and view all the answers

How does Corda's ledger differ from a traditional blockchain ledger?

<p>Corda's ledger is distributed, but each peer only sees a subset of the facts. (D)</p> Signup and view all the answers

What does TLS encryption over AMQP/1.0 provide in Corda?

<p>Privacy by creating encrypted communication channels. (C)</p> Signup and view all the answers

What triggers the marking of an original state as 'historic' (consumed) in Corda?

<p>Repayment of a loan. (B)</p> Signup and view all the answers

Which of the following is an example of a real-world application for Corda?

<p>Financial and healthcare services. (A)</p> Signup and view all the answers

If a transaction in Corda requires a time window, which of the following statements is true?

<p>Current time is required for transaction validity. (C)</p> Signup and view all the answers

What advantages do parties interacting within the general blockchain have in Corda?

<p>Maintaining transaction details privately while increasing scalability. (D)</p> Signup and view all the answers

Flashcards

What is Corda?

A permissioned blockchain network providing P2P communication on a need-to-know basis for enterprise blockchain applications.

Selective Information Sharing

Corda has no unnecessary global data sharing, operating on a 'need to know' basis, increasing privacy.

Privacy in Corda

Messages in Corda are TLS-encrypted and sent over AMQP/1.0, ensuring secure communication.

Preventing Double Spending

Corda uses Unspent Transaction Output (UTXO) to record states, preventing double spending of assets.

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Notaries in Corda

Corda supports various consensus mechanisms through notaries for transaction validation.

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Scalability in Corda

Transactions are validated only by involved parties, not a broader pool, increasing scalability.

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Interoperability

Corda allows seamless communication and integration with other systems.

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Corda transaction sharing

Corda utilizes a transaction-based approach which is shared only with relevant party which saves time

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Uniqueness of Corda

Corda has transaction technology limited to related parties which protects privacy

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Uniqueness Consensus

A Corda consensus that must be achieved by a transaction proposal to be valid.

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Validity Consensus

A Corda consensus verifies that a transaction has the signatures of all of the transaction's participants

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What is a Ledger?

Chronological storage of facts or records order in Corda.

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Distributed ledger mechanism

Corda nodes use distributed ledger mechanism.

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Peer visibility

Each peer only sees a subset of facts on the ledger, and no peer is aware of the ledger in its entirety

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State definition

An immutable object that represents facts known by nodes at a specific time

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Corda contracts

Corda's smart contracts are focused on verifying the legality and validity of transactions within the network

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Corda smart contract components?

States, Commands and Transactions.

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Cordapp functionality

Cordapp runs on nodes which is built on Corda platform

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Definition of a node?

Hardware that hosts the participant of the network

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Node application

A Node holds the CorDapp and the Corda Container (services) to run the distributed application

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Study Notes

What Sets Apart R3 Corda

  • Corda is a permissioned blockchain network enabling P2P communication on a "need-to-know basis".
  • R3 (R3CEV LLC) consortium introduced Corda.
  • Corda is private and permissioned, lacking a native cryptocurrency.
  • Corda is based on an agreement network and is JVM-based using Kotlin.

Key Features of Corda

  • Corda avoids unnecessary global data sharing, adhering to a "need-to-know basis".
  • All shared messages are TLS-encrypted and sent via AMQP/1.0 for privacy.
  • Unspent Transaction Output (UTXO) is used to prevent double spending by recording states.
  • Corda supports various consensus mechanisms using notaries.
  • Transactions are validated by involved parties, enhancing scalability.
  • Corda allows seamless communication and integration across systems.

Uniqueness

  • General blockchain transactions are time-consuming due to network distribution and complete transaction history on all previous blocks.
  • Corda transactions use a concept shared only with relevant parties, saving time and protecting privacy.
  • Corda maintains transaction details privately, increasing scalability, and offers uniqueness is maintained with validation over P2P

Corda Consensus

  • "Pluggable Consensus" is the unique consensus mechanism enabling organizations to tailor for optimal performance and security.
  • Achieving uniqueness and validity consensus is essential for transaction commitment.
  • Uniqueness Consensus must validate a transaction proposal to be valid.
  • Validity Consensus verifies that a transaction has all participant signatures.

Corda Data Structure

  • Corda uses a ledger and states for organizing and storing data.
  • The ledger is a chronological storage of facts or records.
  • Corda nodes utilize a distributed ledger mechanism.
  • Each peer sees only a subset of facts, where no peer sees the entire ledger.
  • States are immutable objects representing known facts at a specific point in time.
  • Each state on the ledger is a snapshot of a piece of data at a point in time
  • States have references to contracts that govern their state evolution.
  • Original states of repaid loans or transferred assets are marked as historic while new states reflect updated agreements or assets.

Corda Contracts

  • Corda's smart contracts focus on verifying the legality and validity of network transactions.
  • Corda Smart Contract Components include States, Commands, and Transactions.
  • The workflow of Corda Smart Contracts includes Transaction Proposal, Contract Validation, Consensus, and Commitment to Ledger.

Corda Decentralized Application

  • CorDapps are built on the Corda platform and run on nodes.
  • A Node in Corda's ecosystem contains the hardware running the network participant.
  • A Node holds the CorDapp and the Corda Container to run the distributed application.
  • Key steps in building a Loan Application CorDapp: set up CorDapp environment, create LoanState and LoanContract classes, initiate/respond to flows, and generate/deploy/test the CorDapp.
  • Corda real-world applications include financial services, insurance, healthcare, ID verification, and supply chain.

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