TheDinarian
News • Business • Investing & Finance
đŸ”„ XRP Ledger NFTs are Here đŸ”„
October 31, 2022
post photo preview

Last year, we proposed an ambitious goal to the XRPL community: bring NFTs to the XRP Ledger.

Since then, RippleX engineers and members of the XRPL community have conducted extensive performance testing, identified bugs (and fixes), and iterated on our vision to enhance on-ledger support for NFTs and XRPL stability.

Thanks to this collective effort, XLS-20 is enabled on the XRP Ledger Mainnet.

XLS-20 (the standard for XRPL NFTs) presents a considerable milestone for developers and builders utilizing the XRPL for their NFT projects and apps. The new standard introduces native non-fungible tokens (NFTs) on the XRP Ledger to represent assets that are each unique along with operations to enumerate, transfer and hold such tokens. What makes this all possible is, of course, the ledger’s built-in tokenization functionality and performance advantages.

XRP Ledger NFTs: Benefits and Design

Blockchains are hard to change for very good reasons. RippleX engineers took time to build the right standard with a no-smart-contracts approach, making NFTs on the XRPL less vulnerable (e.g. bridge hacks), less congested and less expensive than other chains.

XRP Ledger NFTs were also designed with efficiency in mind. Significant transaction expenses are a fundamental problem for developers minting NFTs on leading layer-1 blockchain solutions. Gas fees alone on some chains can add hundreds of dollars to the final price of an NFT and vary based on a given network’s user traffic and congestion. With XLS-20, developers can support more NFTs at lower cost and do things like leverage auction functionality and an efficient storage mechanism, direct a cut of secondary sales to the original minter on the XRPL, or even co-own NFTs.

NFTs on the XRPL also include automatic royalties which standardize royalty enforcement thanks to the ledger’s built-in DEX. (This is a huge benefit compared to passing through different exchanges with different rule sets.) For creators, NFT transfer fees provide them a share of the revenue when the NFT is bought and sold. They can also designate a third party who mints and sells the tokens on their behalf.

With on-ledger NFTs, the XRP Ledger is an attractive destination for developers to build new NFT applications that support minting, burning and trading at scale.

By and For the Community

Making XLS-20 activation a reality could not have been possible without the explosive demand from all of you. RippleX may have proposed the XLS-20 standard, but developers from around the world directly informed the future of NFTs on XRPL community channels like Github (more than 200 comments and nearly 100 issues raised), Discord and Mattermost.

Developers like MikeCheckYaSelf were instrumental in identifying a critical bug in the XLS-20 amendment code and inspiring the design—which aims to make it easier for developers to access XRPL functionality without needing to build or maintain complex smart contracts. Beyond that, we focused on addressing developer pain points throughout the entire NFT journey by introducing dev toolings such as robust documentation, efficient on-chain storage, library support and more.

Meanwhile, community projects like xDude, Pixel Ape Rowboat Club (PARC), X-Tokenize and XRP Junkies (to name a few) are proof of the excitement and NFT use cases made possible with the XRPL’s low transaction cost and high transaction volume.

After formally proposing the amendment for voting via the XRP Ledger’s on-ledger voting mechanism, the writing on the wall was clear. XLS-20 truly has the potential to cement the XRPL as the chain of choice for unlocking functional NFT utility. It’s finally happening, and there’s no denying the opportunity (and continuous improvements and iterations) ahead.

In Full Transparency

Because of the XRP Ledger’s decentralized nature, no singular authority can make decisions for the network. Instead, network changes are determined by its participants, who vote on behalf of the XRP Ledger’s best interest. Some participants even initially voted “no” on XLS-20, urging all to do their due diligence and ultimately ensuring a battle-tested amendment ready for 2022 and beyond.

And rightfully so (as I said, we took a lot of time to ensure we got this right). In full transparency, XRPL NFTs have the potential to cause a temporary increase in traffic on the XRP Ledger network. While we’ve conducted extensive performance testing and remain confident in the XRP Ledger’s stability, efficiency and security, the road to enabling native NFT support has been long. Some community members like Alloy Networks voiced concerns about minting NFTs and converting large collections of NFTs all at once.

Other concerns included outages of individual XRP Ledger servers or increased transaction costs due to network load. It’s also worth noting that NFT objects are incredibly lightweight, with transactions designed for maximum flexibility with minimal overhead. So devs are cautioned to be mindful of scalability when deploying native NFTs.

Despite these initial concerns, this healthy skepticism and dedication to the XRPL’s well-being make me confident that the network can handle the long-term effects of NFTs at scale.

What’s Next and How To Start Building Today

We are excited about what lies ahead for this next chapter of the XRP Ledger. (Spoiler: even more libraries and enhancements to tokenizing assets on the XRP Ledger coming soon.) Through continuous iterating and collaboration, we can create the tipping point for mainstream blockchain adoption by unlocking real NFT utility.

On behalf of RippleX engineers and me personally, I want to thank the XRPL community for your work, patience and support in making native NFTs on the XRP Ledger a reality.

I invite and encourage you all to ask questions, learn and build applications, tooling and solutions that further enhance tokenization on the XRP Ledger. You can learn about NFTs on Youtube or get started on XRPL.org.

Link

community logo
Join the TheDinarian Community
To read more articles like this, sign up and join my community today
0
What else you may like

Videos
Podcasts
Posts
Articles
đŸ’„ Coming To Theta Drop đŸ’„

Step into a world where humans, synthetics, and alien reptiles clash in an epic battle powered by AI. Choose your side, unlock rare synthetics, and shape the fate of Earth. Are you ready to join the fight?

@NeuralHavocGame by @ivory_symbiote

Coming soon to ThetaDrop

00:01:06
🔑 Unlock next-level perpetuals and options on Sonic 🔐

MarginZero lets you trade perpetuals and options omni-chain, oracle-free, without upfront margins or price-based liquidation.

đŸ„‡ Boom Winner | Emerald Tier
https://x.com/marginzero_xyz

00:00:10
👀Ripple's University Blockchain Research Initiative (UBRI)👀

Championing blockchain research and development in academia is at the heart of Ripple's University Blockchain Research Initiative. With a mission to inspire and educate the next generation of blockchain builders, UBRI has supported:

⭐ 1200+ research projects
📚 850+ courses
📍900 on-campus events
🔗 90 projects on the XRP Ledger
✅ 60 students hired

UBRI is empowering students and faculty to shape the future of blockchain technology. And we’re just getting started:https://ripple.com/impact/ubri/

00:02:59
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚹 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
IMF Podcast: Reforms amid Great Expectations: Sub-Saharan Africa’s Outlook

In This Episode:

With sub-Saharan Africa soon to have one of the largest working-age populations in the world, removing barriers to business growth and encouraging higher productivity industries will help provide the employment opportunities it needs.

But reforms don’t come easy. Wenjie Chen and Andrew Tiffin are economists in the IMF’s Africa Department and produce the Regional Economic Outlook for sub-Saharan Africa. In this podcast, they say addressing development needs while realizing reforms that create suïŹƒcient jobs will help garner public support and improve regional prospects.

https://www.imf.org/en/News/Podcasts/All-Podcasts/2024/11/13/AFR-REO-OCT-2024

IMF Podcast: Reforms amid Great Expectations: Sub-Saharan Africa’s Outlook

In This Episode:

With sub-Saharan Africa soon to have one of the largest working-age populations in the world, removing barriers to business growth and encouraging higher productivity industries will help provide the employment opportunities it needs.

But reforms don’t come easy. Wenjie Chen and Andrew Tiffin are economists in the IMF’s Africa Department and produce the Regional Economic Outlook for sub-Saharan Africa. In this podcast, they say addressing development needs while realizing reforms that create suïŹƒcient jobs will help garner public support and improve regional prospects.

https://www.imf.org/en/News/Podcasts/All-Podcasts/2024/11/13/AFR-REO-OCT-2024

🌎 LIVE UAP Oversight Committee Hearing 🛾
post photo preview
BlackRock expands tokenized money market fund BUIDL to five more blockchains

Today Securitize, BlackRock’s tokenization partner, announced that BlackRock’s money market fund, BUIDL, is now available on five additional blockchains. It launched in March on Ethereum and has now expanded to Aptos, Arbitrum, Avalanche, Optimism’s OP Mainnet, and Polygon.

BUIDL is the largest tokenized money market fund on a public blockchain with a market capitalization of $517 million. Ondo Finance has issued its own money market fund backed by BUIDL, so it accounts for $192 million of BUIDL’s balance. While BlackRock has a minimum investment of $5 million, Ondo’s OUSG has a $5,000 minimum and also temporarily waves fees.

Notably, BUIDL has management fees of 50 basis points on most blockchains but it’s only 20 bps on Aptos, Avalanche, and Polygon, with the lower costs subsidized by foundations associated with the blockchains.

“We wanted to develop an ecosystem that was thoughtfully designed to be digital and take advantage of the advantages of tokenization,” said Securitize CEO and co-founder Carlos Domingo. “Real-world asset tokenization is scaling, and we’re excited to have these blockchains added to increase the potential of the BUIDL ecosystem. With these new chains we’ll start to see more investors looking to leverage the underlying technology to increase efficiencies on all the things that until now have been hard to do.”

In October Securitize integrated with Zero Hash to allow digital asset firms to use USDC to buy BUIDL and keep their funds on-chain. For some time the USDC stablecoin issuer Circle has said it stands ready to buy BUIDL funds for USDC, allowing investors to exit their investment whenever they like. On a related point, we previously explored why asset managers might want a shared stablecoin.

Link

Read full Article
post photo preview
đŸ˜ïžRadian uses R3’s Corda DLT to smooth real estate title transfersđŸ˜ïž

US mortgage and real estate service firm Radian has integrated R3’s Corda enterprise blockchain with its Titlegenius offering. The workflow system for real estate title transfers uses DLT for document storage and data transfer. Rather than a black box, it provides transparency around the title transfer process and claims to cut closing costs by an average of 25%.

Radian has a market capitalization of more than $5 billion, although mortgage insurance is its primary revenue source rather than title services.

Title transfer services typically check the history of the property to ensure there are no surprises. They are not just verifying that the seller is the true title holder, but that there are no longer mortgage or other liens against the property. They frequently provide title insurance just in case they missed something.

Once that’s done, the final deed of transfer is drafted and the transaction proceeds to closing and settlement. The process can include various parties, such as the buyer, the real estate agents, mortgage providers and lawyers. By creating a transparent workflow using DLT, all parties can get an up-to-date record of the status of the transaction.

“The title transfer process is notoriously slow and complex, and we are excited to collaborate with R3 to make this process simpler and more efficient for our clients,” said Steven Stipetich, Radian’s Senior Vice President of Title. “There are many valuable use cases for DLT in the property space like bulk refinancing – already supported by the titlegenius platform.”

Coadjute also uses Corda for real estate sales

Corda is also used by UK property technology firm Coadjute, which does something similar to Titlegenius. However, its software provides the glue to share data between different real estate software solutions used by the estate agents of the buyer and seller. Corda was incorporated into Coadjute’s software since its founding in 2018. The startup’s backers include UK banks such as Lloyds, Natwest and Nationwide.

 

Link

Read full Article
post photo preview
Stablecoin firm Tether plows profits into commodity trade finance

On Friday Tether, known as the operator of the largest stablecoin, reported its investment division completed its first trade finance transaction in October. It involved providing finance for 670,000 barrels of Middle Eastern crude oil worth around $45 million.

The credit granted was from Tether Investments, a company with $7 billion in equity funded by the profits of the stablecoin firmanted . Hence, it does not involve the use of stablecoin reserves. However, the Tether stablecoin was used for the payment.

“With USDT, we’re bringing efficiency and speed to markets that have historically relied on slower, more costly payment structures,” said Paolo Ardoino, CEO of Tether.

“This transaction marks the beginning, as we look to support a broader range of commodities and industries, fostering greater inclusivity and innovation in global finance.”

Tether‘s main stablecoin has a current market capitalization of more than $124 billion.

Tether comes out of the shadows

For years there were doubts about whether the Tether stablecoin was fully backed. The company makes out that these concerns are unwarranted. However, the New York Attorney General found that Tether misrepresented the status of the stablecoin reserves during 2018 and 2019 and banned the stablecoin from the state as part of a settlement.

During that time, Tether lent $625 million of its reserves (around a third of the total) to sister company Bitfinex exchange, which would have been insolvent without the funds. With the subsequent Bitcoin rally, Bitfinex managed to recover.

However, since Tether recently became enormously profitable earning $7 billion during the first nine months of 2024, that breach of ethics and trust seems to have been forgotten.

In another positive piece of news for Tether, the co-head of Donald Trump’s transition team is Howard Lutnick, the CEO of Cantor Fitzgerald. And Cantor looks after the $100 billion plus in Treasuries and repos that form part of Tether’s stablecoin reserves, making it an important client.

 

Link

Read full Article
See More
Available on mobile and TV devices
google store google store app store app store
google store google store app tv store app tv store amazon store amazon store roku store roku store
Powered by Locals