According to xSPECTAR, an XRPL Validator, the XLS 20 proposal that would enable native NFT support on XRPL might soon go live.
According to xSPECTAR, an XRPL Validator, the XLS 20 proposal that would enable native NFT support on XRPL might soon go live.
? LESS THAN 9 HOURS TO GO BEFORE #XLS20 IS OFFICIALLY LIVE! ? LFG ???#XRP #XRPL #XRPCommunity
— xSPECTAR (@xspectar) October 31, 2022
As reported by U.Today, on Oct. 18, Ripple’s vice president of corporate strategy and operations, Emi Yoshikawa, announced the start of a two-week countdown on XLS 20, in which at least 80% of validators have to vote in favor of the proposal for it to go into effect.
The XLS-20 proposal for native NFTs on XRPL seeks to make the creation of NFTs compact and efficient, minimizing any negative effects on the performance of XRP Ledger and preventing congestion at scale. With built-in functions like minting and auctioning, XLS-20 aims to simplify the creation process for developers significantly.
XLS 20: journey so far
Ripple developers proposed XLS-20 in Q1, 2022, to introduce native NFT support to XRPL and give developers access to NFT minting, trading and burning functions. Without the use of smart contracts, XLS-20 will include cutting-edge features like automatic royalties, co-ownership of assets and more.
The XRP Ledger (XRPL) protocol saw an amendment in Rippled version 1.9.4 to prevent a potential denial-of-service attack against non-fungible token (NFT) issuers. Soon after, Ripple set up its four validators to support XRPL Mainnet’s activation of the XLS-20 amendment.
Although Ripple is in favor of XLS-20, the decision to enable XLS-20 rests with all XRPL validators. With over 80% of validators voting in favor of the amendment so far, the community expects it to go into effect this quarter.
Source: U.Today
Related: $2.3 Trillion Liquidity Shock: Franklin Templeton Says XRP Is Next in Line for Massive Inflows
Quick Summary
According to xSPECTAR, an XRPL Validator, the XLS 20 proposal that would enable native NFT support on XRPL might soon go live.
Source
Information sourced from official Ripple publications, institutional research, regulatory documentation and reputable crypto news outlets.
Author
Ripple Van Winkle is a cryptocurrency analyst and founder of XRP Right Now. He has been active in the crypto space for over 8 years and has generated more than 25 million views across YouTube covering XRP daily.
Editorial Note
Opinions are the author's alone and for informational purposes only. This publication does not provide investment advice.
