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Wietse Wind proposes new mechanism for issuing NFTs on XRPL, asks Ripple CTO for opinion

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  • Wietse Wind has published the proposal “XLS-14d” to allow NFTs to be issued on the XRP Ledger.
  • The proposal is fundamentally different from the previous “trust lines” and utilizes the decimal places of the XRP Ledger.

NFTs, non-fungible tokens have been enjoying ever-increasing popularity on Ethereum in recent months. Prices for individual tokens, such as from CryptoPunks collection have skyrocketed to astronomical heights, reaching as high as 78 ETH (136,850 USD at the time).

To bring this trend to the XRP ledger as well, Wietse Wind made a new “XRP Ledger Standard Proposal” today. The founder of XRPL Labs and creator of the XUMM wallet published the proposal on GitHub and is now calling on all developers from the XRPL ecosystem to evaluate and comment on his proposal.

As the developer states, the XRP Ledger (XRPL) already supports a mechanism for issuing tokens that can be transferred to other XPRL accounts with the IOUs (“I owe you”). However, there is a big difference with “most other blockchain projects, like ETH, where NFTs are actively issued, bought, sold, and transferred.”

The XRPL requires users to opt-in to receive a specific token from a specific issuer “by explicitly signing a TrustSet transaction listing the issuer (account) and token code to trust. A user is only able to receive a specific token from a specific issuer after doing this”. On Twitter, he elaborated:

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Trust Lines are exactly that: “trust line”. You trust the issuer of a specific token. If you don’t trust the issuer, why would you even want to hold (or even buy) the NFT? All the Trust Line does is say “hey, I trust this issuer (creator) and NFT, I want to be able to hold it”.

Wind’s proposal for NFTs on the XRP Ledger

Wind proposes a better way to issue NFTs. To do this, the developer wants to make use of the XRP Ledger’s decimal places. The XRP Ledger “has an issued token precision of 15 significant figures. The smallest amount of an issued token the XRPL can handle is 1000000000000000e-96.” According to Wind, this is a “quite unusual amount of decimal positions” that no likely use case requires:

here is no likely use case that requires that amount of decimal places to ever be used, as there will always be something closer to the decimal sign. This results in the last digits being sliced off anyway (because of the XRPL supported 15 significant figures). Even some value of a BTC IOU (8 decimal places) + Transfer Fee + rounding doesn’t even come close to using anything close to the available decimal places.

Wind’s suggestion is therefore to assign ” the last (say) 11 figures to client side / user interface NFT behaviour’:

So: if the value of issued currency is in the range of 1000000000000000e-85 – 1000000000000000e-96, clients should handle (represent, mostly a user interface affair) the amount as NFT.

According to Wind, the proposal offers numerous advantages in that no change is required, it can be implemented relatively easily in wallets and client-side software, recognizing and parsing NFT-like values is easy in any programming language, and all existing XRPL DEX functions can be used immediately.

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In the comments on GitHub, Wind also called out Ripple’s CTO, David Schwartz, writing:

@JoelKatz: I know (from @nbougalis) that the two (?) of you have some ideas on NFTs as well. Love to read your proposal & hear how you feel about this proposal.

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Ripple Vs SEC

Court Orders SEC to Answer Ripple’s Interrogatories

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Ripple, however, has failed to bury the SEC in paperwork, with the judge granting the agency’s motion for a protection order against “unduly burdensome” requests

Magistrate Judge Sarah Netburn has ordered the U.S. Securities and Exchange Commission to answer some of Ripple’s hotly-contested interrogatories, which are meant to determine whether or not the plaintiff’s contentions can be supported by facts. 

The agency will have to specify why the company’s XRP sales are investment contracts:

The SEC’s legal theory is not an excuse to avoid responding to Defendants’ factual inquiry. Nor is it a basis to answer a different question than posed.

In addition, the SEC will have to state whether it believes that Ripple’s efforts were key to boosting the price of XRP.

However, Ripple’s interrogatory about whether or not the XRP Ledger was fully functional prior to the start of the securities offering has been denied for being too vague:

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The Court agrees that this interrogatory seeks relevant information. But Defendants’ interrogatory is too vague for the reasons identified by the SEC.

Netburn has also granted the SEC’s motion for a protective order, which allows the regulator not to respond to all of Ripple’s “unreasonably burdensome” interrogatories.

The agency claimed that covering all the 29,947 requests would take 104 days without “breaks or sleep.”

Earlier this week, the court also granted the SEC’s motion to extend the expert discovery deadline to Jan. 14, 2022, despite Ripple’s protestations.

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Ripple CEO Says the SEC Helped Ethereum to Surpass XRP as No.2 Crypto

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  • Ripple CEO aired his opinion on the crypto market and regulations.
  • Brad Garlinghouse said the US SEC granted Ethereum regulatory green light.

At the DC Fintech Week virtual conference on October 21, Ripple CEO Brad Garlinghounse aired his thoughts on the state of the crypto market and regulations. Besides, he holds a grudge over the financial regulator’s approach to Ethereum.

In addition, Garlinghouse declared that the US Security and Exchange Commission (SEC) granted Ethereum regulatory green light that enabled it to surpass his firm’s XRP token.

Likewise, the Ripple boss feels that his firm has been played out. But, at the same time, Ethereum’s subsequent success is at least in part down to more favorable treatment by the US SEC. Also, Garlinghouse stated that it is affecting its market. He said,

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has exploded, and that clarity has helped.”

To clarify, XRP was the second-largest crypto asset by market cap in late December 2017. But, currently, it has dropped to seventh place while Ethereum has kept the second spot ever since.

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Furthermore, the reason why XRP dropped is the US SEC pursuing Ripple over claims that XRP is unregistered security. In fact, in January, Ripple filed a Freedom of Information Act request with the US SEC demanding to know why it didn’t consider ETH security.

As a result, later in July, a district judge allowed the firm to depose a former official who declared in 2018 that ETH was not a security.

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Ripple CEO reinstates SEC bias towards ETH, claiming XRP could’ve been No.2

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It is not news that the ongoing XRP lawsuit has got the better of Ripple’s XRP token. Ripple CEO, Brad Garlinghouse recently questioned the SEC’s bias towards Ethereum, claiming that XRP would’ve been at the No. 2 position instead of ETH if it weren’t for the commission’s partial crackdown. Garlinghouse spoke at the DC Fintech Week virtual conference yesterday, arguing that the U.S. Securities and Exchange Commission alleged Ripple’s XRP as unregistered security while granting Ethereum a regulatory free pass, which in turn helped ETH shoot through the roof.

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”

XRP secured the position of the second-largest crypto asset by market capitalization during the latter half of 2017. However, the token has dropped down to seventh place while Ethereum stands strong as No. 2. Furthermore, Garlinghouse claims that the SEC’s exclusively aggressive anti-crypto stance to allegedly protect the consumers is in fact anti-investors. Referring to the XRP lawsuit, Ripple CEO emphasizes that “nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’”.

XRP Holders left with bearish and frozen funds

Earlier this week, Attorney Deaton Filed a Letter Motion on behalf of the XRP Holders (Movants) that contended SEC’s extension request, with the main argument concerning the XRP holders’ frozen funds because of the consistent postponement of the lawsuit’s final verdict. During the ongoing bull run, XRP remains considerably bear because of the regulatory crackdown on Ripple. However, the court has overlooked the community’s concern and granted the extension explaining that in lieu of pending motions, extra time will only facilitate both parties to complete pending fact discovery and thoroughly prepare for upcoming expert depositions.

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“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”, wrote Deaton.

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