Blog
Blog Author
Joshua Theakston
  • 9/08/2022

Overlooked Measures

The XRPL is one of the original blockchains in the space, existing for over 10 years (at the time of writing). Reliably providing record breaking statistics, the XRPL is a network of speed, and security.

Security is a misunderstood concept in the crypto space, when paired with the goal of mainstream adoption. Safety should not be measured solely by a blockchain’s resistance to hacks, while that is evidently a vital aspect, it is not enough for to facilitate mainstream adoption. Rather a system is needed where user safety is assured, regardless of their education level (this however is not an excuse to avoid DYOR).

This is a concept that we see regularly challenged throughout the crypto space, but sadly often overlooked. Many, theoretically, sound Layer 1 systems are plagued with a variety of attacks and scams. Getting more and more sophisticated by the day, and including private messages, tokens, smart contracts and even NFTs. Creating a minefield of deadly learning curves, limiting the ability for new users to confidently enter the space.

This safety is an underappreciated solution that the XRPL provides. The XRPL has several key features that ensures any user does not receive any unwanted assets or interactions. This ideology has been passed onto the addition of NFTs within the ledger (formally known as the XLS20 amendment), and is one of the few tricks that it offers that potentially make it one of the most enticing options for real world adoption.

NFTs and the XRPL

The new NFTs follow a basic structure, containing mainly a token ID, as well as a signalling URI and taxon number. While at the surface it may seem like an oversimplification, every choice has been carefully thought out. This basic structure ensures that any and all NFT/metadata related information can be attached in a highly versatile manner, all while minimising the risk of nasty hidden features. A second benefit of these decisions, is it ensures the ledger remains as lightweight as possible, facilitating efficiency and reliability. This is a concept that has been unfortunately overlooked elsewhere and is potentially grounding many blockchains in the space.

Core Features of These NFTs

Referring to the previous point, all functionality is built into a layer 1 protocol. This means all of it is native to the XRPL, you can trade assured that there are no hidden harms. The current method of relying on the smart contract defining and proofing abilities of others is no longer a necessity. Complex features like royalties, brokerage, trading regulation and burning are all compacted into one, and can all be executed seamlessly with every ledger close.

Security

As we’re aware, safety must extend past the core avoidance of blockchain hacks and needs to extend to user experience. Dusting attacks can drain your assets, and even on a milder level, unwanted inbound transfers can potentially give you unwanted tax responsibilities. The XRPL is built with these concerns in mind, and no user or wallet can receive any asset (outside of XRP), without first approving the inbound transactions. This is conceptualised in the idea of trust lines and limits and extends into the technology of NFTs. A user only has to hold the NFTs they approve, and in the event they change their mind, their holdings can be voluntarily burnt without any risk.

Into The Future

However, a common accusation is that the XRPL is “slow” to develop and is still playing catchup. While the XRP Ledger may not be the first to provide options like NFTs and smart-contract abilities, everything is being meticulously done right. Good things take time, and time and time again we are seeing other blockchains fail and even going offline, all because core features are rushed, without due caution. Regardless of this, the XRPL does offer numerous original concepts, like an on-chain DEX, active liquidity sourcing and token bridging opportunities.

The XRPL has been built for the future, and a vision like this has no place for careless or rushed developments. I, for one, am thankful for this community that is helping to define the future of safe, reliable, and decentralised transactions.

Blog Author
Joshua Theakston

CTO of OnChain Whales.