YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

NFTs May Appear on XRPL Sooner than Anticipated

October 14, 2022
in Defi News
Reading Time: 2 mins read
A A
NFTs May Appear on XRPL Sooner than Anticipated
ShareShareShareShareShare

You might also like

25 important stats about the DeFi industry from 2022

25 important stats about the DeFi industry from 2022

January 28, 2023
Solana-based Friktion urges users to withdraw funds as it halts front-end operations

Solana-based Friktion urges users to withdraw funds as it halts front-end operations

January 27, 2023

NFT (Non-Fungible Token) support on the XRP Ledger is something many have been asking for. However, support for non-fungibles was pushed back after a bug was discovered in the system. The bug led to developers withdrawing their votes, and the implementation of XLS-20 was pushed back. XLS-20 is the proposal for native NFTs on the XRP Ledger. The bug in question could be used by malicious players “to perform a denial-of-service attack on NFT issuers.”

Nonetheless, the community held another vote to remove the mechanism that caused the bug to appear in the first place. As per an official blog, the vote has over 80% validators on board, “which puts XLS-20 Non-Fungible Token (NFT) support on track for becoming enabled on the XRP Ledger Mainnet in the near future.”

When will NFTs appear on the XRP Ledger?

As per the official blog, the fixRemoveNFTokenAutoTrustLine modification turns off the bugged feature for NFTs on the XRP Ledger. Since it alters the NonFungibleTokensV1_1 amendment’s functionality, this change has no independent effect. However, in order to reliably enable NFT support on the XRP Ledger, the fixRemoveNFTokenAutoTrustLine is necessary.

Voting is still open for the NonFungibleTokensV1_1 amendment, which can be activated after two weeks of >80% support from trustworthy validators (which can coincide with the support period for fixRemoveNFTokenAutoTrustLine). The network’s voting decisions will continue to determine the precise time that Non-Fungible Tokens are enabled.

NFT functionality might be enabled on the XRP Ledger Mainnet in less than two weeks if trusted validators start voting in favor of NonFungibleTokensV1_1 now that fixRemoveNFTokenAutoTrustLine is on schedule to be enabled. It could take a total of four weeks or longer if validators wait for fixRemoveNFTokenAutoTrustLine to be enabled before voting in favor of NonFungibleTokensV1_1.

That being said, NFT support on the XRP Ledger, could in fact start as early as October 27th. At press time, XRP was trading at $0.499661, up by 9.4% in the last 24 hours.

Credit: Source link

Related Stories

25 important stats about the DeFi industry from 2022
Defi News

25 important stats about the DeFi industry from 2022

January 28, 2023
Solana-based Friktion urges users to withdraw funds as it halts front-end operations
Defi News

Solana-based Friktion urges users to withdraw funds as it halts front-end operations

January 27, 2023
Injective launches $150M fund backed by Pantera, Jump Crypto
Defi News

Injective launches $150M fund backed by Pantera, Jump Crypto

January 25, 2023
Four RWA lending protocols rank among top 10 lending apps with largest collected interest 
Defi News

Four RWA lending protocols rank among top 10 lending apps with largest collected interest 

January 25, 2023
Next Post
Bitcoin Investor Loses to Giveaway Scam, Here’s Surprising Amount Lost

Bitcoin Investor Loses to Giveaway Scam, Here's Surprising Amount Lost

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Mango Markets exploiter slammed with new lawsuit

Mango Markets exploiter slammed with new lawsuit

January 26, 2023
The Effect of Crypto Regulation on Bitcoin (BTC)

The Effect of Crypto Regulation on Bitcoin (BTC)

January 24, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 23,053.00 0.84%
    • ethereumEthereum (ETH) $ 1,580.82 0.71%
    • tetherTether (USDT) $ 0.999872 0.23%
    • usd-coinUSD Coin (USDC) $ 0.999915 0.17%
    • bnbBNB (BNB) $ 306.44 0.53%
    • xrpXRP (XRP) $ 0.411137 1.28%
    • binance-usdBinance USD (BUSD) $ 1.00 0.52%
    • cardanoCardano (ADA) $ 0.384588 1.89%
    • dogecoinDogecoin (DOGE) $ 0.089028 3.94%
    • matic-networkPolygon (MATIC) $ 1.14 0.01%
    • okbOKB (OKB) $ 38.85 9.1%
    • solanaSolana (SOL) $ 24.15 1.18%
    • staked-etherLido Staked Ether (STETH) $ 1,578.28 0.29%
    • polkadotPolkadot (DOT) $ 6.45 0.92%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 3.39%
    • avalanche-2Avalanche (AVAX) $ 20.60 14.41%
    • litecoinLitecoin (LTC) $ 88.09 0.89%
    • tronTRON (TRX) $ 0.062619 0.51%
    • daiDai (DAI) $ 0.998616 0%
    • uniswapUniswap (UNI) $ 6.68 0.19%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 23,030.00 0.68%
    • cosmosCosmos Hub (ATOM) $ 13.34 2.24%
    • the-open-networkToncoin (TON) $ 2.54 3.95%
    • chainlinkChainlink (LINK) $ 7.25 0.86%
    • leo-tokenLEO Token (LEO) $ 3.75 1.96%
    • moneroMonero (XMR) $ 182.79 5.8%
    • ethereum-classicEthereum Classic (ETC) $ 21.76 0.32%
    • aptosAptos (APT) $ 17.70 0.69%
    • bitcoin-cashBitcoin Cash (BCH) $ 133.41 0.7%
    • stellarStellar (XLM) $ 0.092981 2.03%
    • apecoinApeCoin (APE) $ 6.12 1.27%
    • quant-networkQuant (QNT) $ 149.58 0.24%
    • nearNEAR Protocol (NEAR) $ 2.48 0.66%
    • crypto-com-chainCronos (CRO) $ 0.081189 1.22%
    • filecoinFilecoin (FIL) $ 5.29 0.54%
    • lido-daoLido DAO (LDO) $ 2.28 2.11%
    • algorandAlgorand (ALGO) $ 0.256935 3.27%
    • vechainVeChain (VET) $ 0.024005 0.28%
    • hedera-hashgraphHedera (HBAR) $ 0.068624 0.11%
    • internet-computerInternet Computer (ICP) $ 5.94 0.14%
    • axie-infinityAxie Infinity (AXS) $ 11.52 2.48%
    • decentralandDecentraland (MANA) $ 0.699292 5.24%
    • aaveAave (AAVE) $ 85.43 2.91%
    • eosEOS (EOS) $ 1.09 1.49%
    • the-sandboxThe Sandbox (SAND) $ 0.736444 0.99%
    • fantomFantom (FTM) $ 0.450514 2.93%
    • elrond-erd-2MultiversX (EGLD) $ 44.59 2.09%
    • flowFlow (FLOW) $ 1.07 1.03%
    • theta-tokenTheta Network (THETA) $ 1.09 0.98%
    • terra-lunaTerra Luna Classic (LUNC) $ 0.000177 3.56%