Ripple (XRP) validators are going to be empowered to vote for two weeks on the proposal to implement native NFTs on the blockchain.
As the days go by, and beyond the downturn of the cryptocurrency market in general, the trend of NFT adoption seems to go against the current. More and more companies and individuals are getting involved in this new trend; as we have been communicating from NFTexpress along our daily articles with all the news worldwide.
While most NFTs are issued on the Ethereum (ETH) blockchain or EVM-compatible chains such as Polygon (Matic), BNB Chain (BSC), Solana (SOL); one of the oldest blockchains is coming to challenge this NFT arena.
Since 2012, XRPL has been known as the pioneer in tokenization, creating on-chain bodies associated with this type of data, as well as off-chain ones.
In 2022 Ripple developers are growing around NFT functionality. The proposal made to implement native NFT support to XRP Ledger is ready for validator approval. If so, Ripple will step into the most important upgrade in recent years.
Ripple’s vice president of strategy and operations has communicated that XRPL validators can now begin voting on the XLS-20 proposal, which is to implement the blockchain’s own native NFTs.
For this to happen and for the Ripple network to start implementing NFTs, more than 80% of the validating nodes must vote in favor of this new proposal. So far, only 7 nodes have voted against, among them are Brex.io and Bitso.
Initially, XRPL’s NFTs are intended to be indivisible, token-based NFTs that cannot be fragmented. In addition, another distinction with Ethereum’s NFTs that can be sold, exchanged, transferred; XRPL requires users to choose to receive the token, expressly signing the transaction, even though no further information has transcended regarding its possibility of exchange in the future.
On the other hand, RippleX (the developer branch of the company), invited its technicians to indicate which functionalities should be implemented in the blockchain. Thus, in January they launched NFT-Devnet, which allows devs to test native NFT functionalities in XRP.
After certain tests, RippleX announced that they were confident that XRPL would be suitable to support the XLS-20 standard, and by virtue of this, the next step has been taken whereby they have enabled voting for the implementation of this proposal.
WHAT IS XRPL?
XRPL or XRP Ledger is a decentralized distributed ledger system (blockchain) that was launched in 2012. XRPL performs the consensus validation method, through a distributed system of validator nodes that are responsible for the integrity of the blockchain and the confirmation of transactions.
Between 2020 and 2022, XRPL engineers have been working on the adoption of smart contracts called “Hooks”. Hooks have a basic functionality of a smart contract that allows XRPL to be a functional site for certain decentralized finance (DeFi) protocols.
Written by Luciano Garriga (TW:@luchogarriga) for NFT Express.