u.today
According to xSPECTAR, an XRPL Validator, the XLS 20 proposal that would enable native $NFT support on XRPL might soon go live.
🔥 LESS THAN 9 HOURS TO GO BEFORE #XLS20 IS OFFICIALLY LIVE! 🧬
— xSPECTAR (@xspectar) October 31, 2022
LFG 🔥🔥🔥#$XRP #XRPL #XRPCommunity
As reported by U.Today, on Oct. 18, Ripple's vice president of corporate strategy and operations, Emi Yoshikawa, announced the start of a two-week countdown on XLS 20, in which at least 80% of validators have to vote in favor of the proposal for it to go into effect.
The XLS-20 proposal for native NFTs on XRPL seeks to make the creation of NFTs compact and efficient, minimizing any negative effects on the performance of $XRP Ledger and preventing congestion at scale. With built-in functions like minting and auctioning, XLS-20 aims to simplify the creation process for developers significantly.
XLS 20: journey so far
Ripple developers proposed XLS-20 in Q1, 2022, to introduce native $NFT support to XRPL and give developers access to $NFT minting, trading and burning functions. Without the use of smart contracts, XLS-20 will include cutting-edge features like automatic royalties, co-ownership of assets and more.
The $XRP Ledger (XRPL) protocol saw an amendment in Rippled version 1.9.4 to prevent a potential denial-of-service attack against non-fungible token ($NFT) issuers. Soon after, Ripple set up its four validators to support XRPL Mainnet's activation of the XLS-20 amendment.
Version 1.9.4 of Rippled introduced a new amendment to the $XRP Ledger (XRPL) protocol to mitigate a potential denial-of-service attack against non-fungible token ($NFT) issuers. Shortly thereafter, Ripple configured its four validators to vote in favor of activating the XLS-20 amendment on XRPL mainnet.
Although Ripple is in favor of XLS-20, the decision to enable XLS-20 rests with all XRPL validators. With over 80% of validators voting in favor of the amendment so far, the community expects it to go into effect this quarter.