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- The XRPL’s fixNFTokenRemint proposal has passed the required consensus target.
- With the proposal now passed, the XRP Ledger is set for another update.
In a groundbreaking development for the Ripple (XRP) community, XRPScan has confirmed that a new upgrade for the XRP Ledger (XRPL) is on the horizon. The “fixNFTokenRemint” amendment, having garnered the required number of votes, is now poised to enter the 14-day activation countdown period, with an Estimated Time of Arrival (ETA) set for November 27.
fixNFTokenRemint’s Impact on NFTs
The amendment was approved by an overwhelming majority, garnering 27 votes out of a possible 34. This agreement, which reached an impressive 82.35 percent consensus, represents a significant step forward for the XRP community.
The focus of the fixNFTokenRemint amendment lies in addressing the challenges associated with Non-fungible Tokens (NFTs). Specifically, it seeks to revamp the construction of NFT sequence numbers to prevent the recurring minting of NFTs with identical sequence numbers, thereby mitigating the potential for collision scenarios.
In addition to addressing NFT reminting challenges, fixNFTokenRemint introduces a new account deletion restriction feature. This feature further fortifies the security and integrity of the XRPL by imposing restrictions on account deletions, adding an extra layer of control over the ledger.
The amendment accomplishes its goals by employing a novel approach to NFT sequence numbers. The addition of the “AccountRoot” and “FirstNFTSequence” fields ensures consistency over time, preventing sequence number duplication. Furthermore, developers will be able to compute the sequence of newly minted NFTs, increasing the XRPL’s overall efficiency.
Key Amendments and XRPL Upgrades
fixNFTokenRemint joins a prestigious list of amendments on the XRP Ledger, each contributing to the ongoing enhancement of XRPL products and protocols. Notable amendments on the list include Automated Market Maker (AMM), Clawback, XRPFees, and others. The XRPL upgrade process has been dynamic, with recent amendments like fixReducedOffersV1 also making strides in securing widespread support.
Despite the success of fixReducedOffersV1 and fixNFTokenRemint, the XRPL ecosystem still awaits the voting outcomes for the AMM and Clawback upgrades. Recently, fixReducedOffersV1 entered a 2-week activation countdown period after garnering support from over 80 percent of validators.
Users of rippled v1.11.0 and below were urged to upgrade promptly to the latest version in anticipation of the new functionalities that come with the fixReducedOffersV1 amendment.
In a recent statement at the Apex 2023 developer summit, David Schwartz, Chief Technology Officer at Ripple, expressed confidence in the XRPL’s role in revolutionizing how tokenization interacts with real-world assets.
He highlighted the advantages of XRPL, including low transaction fees and seamless integration with crypto exchanges. Schwartz emphasized the importance of prioritizing accessibility and flexibility in tokenized asset transactions to cater to users’ diverse needs.
As the Ripple ecosystem continues to evolve, cryptocurrency enthusiasts are closely monitoring XRP’s market activity. A recent XRP chart reveals a notable recovery, with the token showing a bullish trajectory towards higher resistance levels. At the time of writing, XRP is up 1.23 percent to $0.6557 to continue its rally over the past month.
