2022-7-9 08:50 |
In the new issue of The Ripple Drop, Monica Long told how XLS-20 could help creators kickstart their projects on the XRPLedger and the role for NFT.
In the new issue of The Ripple Drop, head of RippleX Monica Long told how XLS-20 could help creators kickstart their projects on the XRPLedger and the role for NFT.
For example, Monica Long explained:
The applications of NFTs can extend to lots of different industries, but the core idea is about ownership.
The article also notes:
This idea of ownership of a digital asset is paramount when it comes to transparency. NFTs live on blockchains, public ledgers, which are inherently transparent. This allows for an immutable record of transactions and data and a single source of truth around ownership, something Monica says can be particularly helpful for assets such as, for example, real estate titles or carbon credits.
With regard to the XLS-20, the following is stated in particular:
This XLS-20 standard proposed by Ripple—now up for approval from XRPL validators—makes the creation of NFTs on the XRPL very compact and efficient, reducing any negative impact to the XRP Ledger’s performance and avoiding congestion at scale. Monica explains that with XLS-20, developers can create NFTs without the additional security risks and complexities—and therefore room for error—that come with smart contracts since XRPL does not require them to run to accomplish many tasks. With features like minting and auctioning built into the standard, XLS-20 seeks to bring significant ease to the developer’s creation process. Monica stressed how Ripple has «always believed that the power of XRP Ledger is in tokenization, liquidity, and settlement. It’s so good at doing these things across a broad set of use cases on a global scale, and that is what builds us toward the Internet of Value». Democratizing access to blockchain and crypto among various use cases—such as payments or carbon credits—presents a unique opportunity. «Those markets are more competitive and efficient, there’s more empowerment toward the end-users or the creators, making the world of value creation and movement just as efficient as information exchange», – says Monica.
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