Five key amendments are set to be implemented on XRPL as the UNL vote stays above the 80 percent threshold in almost two weeks.
This is expected to fix and advance the functionality, precision, consistency, etc on the XRPL network.
One of the most reputable Non-Fungible Token (NFT) marketplaces on the XRP Ledger (XRPL), XRP Cafe, has disclosed an upcoming XRPL amendment including improvement to NFTs in the next few hours. According to the report, the decision comes after the set requirement was met with the UNL vote staying above the required threshold of 80 percent for close to two weeks now.
This is to ensure that the proposal is in line with the collective interest of the community and stakeholders. To many, this demonstrates the commitment of XRPL to achieving the highest form of transparency and inclusivity in its democratic approach to decision-making.
The functionality of XRPL is expected to be largely transformed by the “DisallowIncoming amendment”. This is because account holders would be able to get a new layer of control to enable them to manage and regulate all receiving transactions.
XRPL’s support for NFT would be enhanced by the amendment called “fixNonFungibleTokensV1_2 amendment.” This implies that a more diverse and excelling NFT ecosystem would be witnessed within the network. There is another agreement to refine and optimize the trust line functionality. This would be easier with the introduction of the” fixTrustLinesToSelf amendment.” Its impact would be seen in situations where trust lines are used to transfer assets to one’s address.
Other XRPL Amendments
The next amendment will be the “fixUniversalNumber amendment”, and would fix the precision and consistency challenges of XRPL handling numeric values.
Finally, the last amendment called “ImmediateOfferKilled amendment” would enable the XRPL’s trading dynamic to be subtly improved. A successful implementation would immediately enable offers removed from the order book once they are “killed.”
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It is important to note that amendments are an important mechanism for enforcing change in the XRPL. The XRPL is designed to enable NFTs built into its core protocol. This simply means it does not require smart contacts in any of its steps from creation to transfer. In October 2020, the NFTs were subjected to standardization by the XLS-20 to protect users against undesirable tokens by launching anti-spam and royalties measures. With royalties, developers made them automatic at the chain protocol. This was disclosed by Ripple director Emy Yoshikawa.
After almost a year of NFT launch on XRPL, the total transactions have recorded an incredible surge as captured in its Q2 report. According to reports, this metric recorded growth every quarter by surging from 13,800 to 15,500, representing 12.7 percent. NFTokenCreateOffer was the most dominant across the NFTs as it recorded over 50 percent increase in all NFT transactions. With the XLS-20 standard, 1.6 million total NFTs were minted as of the second quarter of the year.
Recently, the Italian motorcycle manufacturer Ducati partnered with XRPL as part of its effort to make a groundbreaking move into Web3. Per the press release, upcoming projects by the company would be deployed using Ripple.
As of press time, XRP had fallen by 16 percent in the last seven days to trade at $0.523799.
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