Hubert Getrouw of XRPL Labs published a report to cover the basics of XRPL-based non-fungible tokens and even tokenized “real” artwork
XRPL Labs intern Hubert Getrouw shared some thoughts on how tokens (not only IoUs) can exist on XRP Ledger: and how NFTs can be minted on it.
Three ways to issue NFTs on XRP Ledger
According to a post by Mr. Getrouw, issuing a token on XRP Ledger should be referred to as creating a trustline between two accounts. He proposes that XRPL can consider some very small “amounts” as NFTs.
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As XRPL supports transactions with the smallest amount of units for an issued token of 80 zeroes, any number smaller than 70 zeroes after the decimal should be considered NFTs. Due to the negligible “price” of these token amounts, they cannot be sent by mistake or used in any other way.
In terms of “minting,” there are three ways to issue new tokens on XRP Ledger: to let one account mint one token before being blackholed, to allow one account to issue (mint) multiple tokens as a batch before being blackholed and to grant it opportunities to be minted without having to blackhole it.
The third approach seems to be the most productive one for Mr. Getrouw. He shared the code and even displayed what an NFT sent through XRP Ledger may look like.
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NFT proposal can pass with no amendment to protocol
Such impressive functionality will be implemented in XUMM Wallets in the v1.1 release in late Q1, 2021, Mr. Getrouw added.
A detailed NFT-focused proposal has been published by XRPL Labs head Wietse Wind in the project’s GitHub.
In a proposal entitled “XLS-14d: Non Fungible Tokens on the XRP Ledger,” Mr. Wind summarizes the instruments described by Mr. Getrouw and outlines that such an impressive milestone can be achieved without changing the protocol.
He invited all enthusiasts to participate in a discussion but added that he is especially interested in ideas from David Schwartz and Nik Bougalis—Ripple Inc.’s CTO and software engineer.
Ripple Forecast and XRP/USD Analysis October 21, 2021
XRP/USD are trading at 1.1307 and continue to move within the growth and bullish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $53,450,449,348. Moving averages indicate a short-term bearish trend for Ripple. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in the XRP rate in the market already from current levels. At the moment, we should expect an attempt to develop a small correction of the asset and a test of the support level near the 1.0785 area. Further, an upward rebound and a continuation of the rise of the cryptocurrency to the area above the level of 1.2505.
Ripple Forecast and XRP/USD Analysis October 21, 2021
In favor of raising the XRP/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal in favor of the growth of asset quotes will be a rebound from the lower border of the bullish channel. Cancellation of the option of raising the cryptocurrency will be the fall and closing of quotations below the level of 0.9505. This will indicate a breakdown of the support area and a continued fall in XRP/USD to the area below the level of 0.8505. Confirmation of the growth of the digital currency rate will be the breakdown of the resistance area and the closing of prices above the level of 1.2205, which will indicate a breakdown of the upper border of the downward correction channel.
Ripple Forecast and XRP/USD Analysis October 21, 2021 imply an attempt to test the support level near the 1.0785 area. Where can we expect the cryptocurrency to continue to rise with a potential target at the level of 1.2505. An additional signal in favor of the growth of Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise quotes will be a fall and a breakdown of the 0.9505 area. In this case, we should expect a continuation of the decline in the rise in digital currency with a target below 0.8505.
UAE exchange expands partnership with Ripple, for cross-border payments
The Ripple-effect can be felt in various corners of the world including the United Arab Emirates. Al Ansari Exchange, the UAE-based foreign exchange and money transfer company announced the expansion of its partnership with Ripple to deliver cross-border payments.
In doing so, Al Ansari exchange will be leveraging RippleNet in conjunction with MoneyMatch, a leading money transfer technology company. RippleNet’s assistance will allow the exchange to carry same-day remittances along with support from MoneyMatch. The services will initially only offer Malaysian ringgit.
The CEO at Al Ansari exchange, Rashed A. stated,
“Adopting this technology on the cloud via our partnership with Ripple and MoneyMatch is in line with our commitment to provide our customers with more flexible, faster, safer and more innovative money transfer solutions.
Together, we are carving new benchmarks in the industry, with an end goal of redefining customer experience and taking our services to the next level internationally.”
This has been in line with the exchange’s initiatives to contribute to UAE’s fintech agenda and will also play a role in the “Projects of the 50.” Ripple’s technology will gain more prominence in the region given Al Ansari was among the largest and longest-standing exchanges, focused on expanding their network.
According to Navin Gupta, Managing Director, South Asia, and MENA, at Ripple,
“We view this partnership with MoneyMatch as a continuation of that ethos, and we’re excited to be partnering with them to improve cross-border payments in key remittance corridors with RippleNet Cloud.”
The General Manager of RippleNet, Asheesh Birla, had earlier noted that the APAC region remained Ripple’s busiest region of customer demand and transaction growth. It had earlier facilitated a corridor between India and UAE, given the high remittance volume. As UAE advances its fintech standing, Ripple has been contributing to change the face of cross-border payments.
SEC v. Ripple: More than 50,000 XRP holders and ‘friends’ want to
The SEC v. Ripple Labs lawsuit is soon to enter mid-fall. Alas, the theme of the season seems to be extensions and delays as both parties are divided over the same.
Just recently, the American regulator requested that the expert rebuttal report deadline be moved to 12 November and expert discovery be pushed to 2022.
However, another group wants to be heard. John E. Deaton, Counsel for Amici Curiae – or “friends of the court” – has now filed a letter asking U.S. District Judge Analisa Torres to consider the views of XRP holders.
A ‘friend’s’ perspective
Though Deaton is worried about “annoying” the court, his filing referenced the SEC’s call for a two-month extension. He requested,
“…please accept this letter to serve as both the application for XRP Holders to offer their perspective, as well as an offer of proof of said perspective.”
What’s more, Deaton confirmed that he will not repeat any points made by the defendants in this case. Even so, he stated,
“In opposing the SEC’s request for this delay, Ripple’s argument focuses on how the “freezing” of XRP markets within the United States impacts Ripple. The negative impact on XRP Holders is even more profound.”
So, how many investors reportedly really want to join the crypto-lawyer? Well, Deaton claimed that as of 19 October, over 50,000 XRP holders had reached out to him in order to be part of the “putative class.”
As previously reported, the San Francisco-based blockchain company consented to push the rebuttal report deadline to 12 November. However, it is against the expert discovery deadline being moved to 14 January. Ripple opposed the extension, claiming that “further delay would prejudice Ripple and the market for XRP.”
For his part, Deaton also noted that many major exchanges had de-listed XRP due to its legal troubles in the USA. Additionally, he also pointed out that XRP in retirement brokerage accounts had been “frozen.”
In essence, Deaton claimed,
“Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”
Checking in on XRP
One source of contention in recent days has been how the SEC’s extension request would affect XRP’s performance. The SEC claimed that XRP sales are “robust” and that the asset had seen price rises even during the lawsuit. Ripple, however, claimed that despite the rise in price, XRP has been “lagging behind the market.”
At press time, XRP was trading at $1.10, well below the levels it hit a few months ago.