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

Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost

Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost

June 2, 2023
Uniswap’s proposal to collect fees from LPs stumbles during first poll

Uniswap’s proposal to collect fees from LPs stumbles during first poll

June 2, 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

Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
Defi News

Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost

June 2, 2023
Uniswap’s proposal to collect fees from LPs stumbles during first poll
Defi News

Uniswap’s proposal to collect fees from LPs stumbles during first poll

June 2, 2023
Crypto scams and exploits in May led to $60M loss: CertiK
Defi News

Crypto scams and exploits in May led to $60M loss: CertiK

June 1, 2023
Jimbos Protocol turns to law enforcement after hacker ignores $800K bounty
Defi News

Jimbos Protocol turns to law enforcement after hacker ignores $800K bounty

May 31, 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

Sparklo (SPRK) Dominates the Crypto Market, Bullish Spree for Pol…

Sparklo (SPRK) Dominates the Crypto Market, Bullish Spree for Pol…

May 29, 2023
Paxful Appoints New CEO, Will The P2P Ramp Launch A Token?

Paxful Appoints New CEO, Will The P2P Ramp Launch A Token?

May 30, 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) $ 27,116.00 0.29%
    • ethereumEthereum (ETH) $ 1,889.68 0.86%
    • tetherTether (USDT) $ 1.00 0.06%
    • bnbBNB (BNB) $ 306.31 0.56%
    • usd-coinUSD Coin (USDC) $ 1.00 0.05%
    • xrpXRP (XRP) $ 0.522358 0.57%
    • staked-etherLido Staked Ether (STETH) $ 1,888.89 0.8%
    • cardanoCardano (ADA) $ 0.375610 0.72%
    • dogecoinDogecoin (DOGE) $ 0.072648 0.11%
    • solanaSolana (SOL) $ 21.08 0.78%
    • matic-networkPolygon (MATIC) $ 0.898983 0%
    • tronTRON (TRX) $ 0.081575 6.2%
    • litecoinLitecoin (LTC) $ 96.10 0.96%
    • polkadotPolkadot (DOT) $ 5.28 0.16%
    • binance-usdBinance USD (BUSD) $ 1.00 0.06%
    • shiba-inuShiba Inu (SHIB) $ 0.000009 1.18%
    • avalanche-2Avalanche (AVAX) $ 14.54 0.12%
    • daiDai (DAI) $ 1.00 0.11%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 27,104.00 0.54%
    • uniswapUniswap (UNI) $ 5.07 0.25%
    • leo-tokenLEO Token (LEO) $ 3.59 0.08%
    • chainlinkChainlink (LINK) $ 6.39 0.86%
    • cosmosCosmos Hub (ATOM) $ 10.69 0.53%
    • okbOKB (OKB) $ 45.89 0.9%
    • moneroMonero (XMR) $ 147.41 1.31%
    • the-open-networkToncoin (TON) $ 1.74 0.28%
    • ethereum-classicEthereum Classic (ETC) $ 18.13 0.03%
    • stellarStellar (XLM) $ 0.092147 0.28%
    • bitcoin-cashBitcoin Cash (BCH) $ 114.61 0.08%
    • filecoinFilecoin (FIL) $ 4.89 1.7%
    • internet-computerInternet Computer (ICP) $ 4.78 0.74%
    • true-usdTrueUSD (TUSD) $ 0.999756 0.08%
    • lido-daoLido DAO (LDO) $ 2.28 1.88%
    • aptosAptos (APT) $ 9.00 0.05%
    • quant-networkQuant (QNT) $ 115.85 2.85%
    • hedera-hashgraphHedera (HBAR) $ 0.050719 0.43%
    • crypto-com-chainCronos (CRO) $ 0.059501 0.24%
    • arbitrumArbitrum (ARB) $ 1.21 2.53%
    • nearNEAR Protocol (NEAR) $ 1.62 0.07%
    • vechainVeChain (VET) $ 0.019853 0.34%
    • the-graphThe Graph (GRT) $ 0.128772 1.96%
    • apecoinApeCoin (APE) $ 3.13 0.74%
    • algorandAlgorand (ALGO) $ 0.152549 0.02%
    • the-sandboxThe Sandbox (SAND) $ 0.569009 0.02%
    • eosEOS (EOS) $ 0.909963 0.16%
    • paxos-standardPax Dollar (USDP) $ 1.00 0.04%
    • fraxFrax (FRAX) $ 0.997600 0.16%
    • elrond-erd-2MultiversX (EGLD) $ 38.03 1.3%
    • rocket-poolRocket Pool (RPL) $ 49.07 0.52%
    • optimismOptimism (OP) $ 1.48 0.69%