In a recent interview, the Chief Technology Officer of XRP and the architect of the XRPL – XRP Ledger, David Schwartz, talked about the interest of the fintech to enter the NFT space.
The Ledger was created by David Schwartz alongside Artur Britto and Jed McCaleb in 2012 and the native currency has been XRP ever since.
The Evolution of the XRPL
Flashback to February 2020, during an episode of the web video series named “The Ripple Drop” organized by Reinhard Cate, Ripple’s CTO spoke about the evolution of the XRPL after the editor began the interview by asking the current status of the ledger.
In his response to the question, David Schwartz said the change the ledger has experienced since about eight to nine years he created it has been very drastic. While the ledger can execute transactions in a few seconds, the algorithm has been updated to function like the decentralized exchanges which allow people to issue ideas and assets like community credit.
Speaking on the robustness of the ledger, as asked by the producer of the show, the CTO said the number one property of the system is reliability because there are billions of dollars in the system with a definite administrator. Adding to his response, he said the above-stated reason is why they don’t just add features to the system anyhow.
The NFT Space and XRP Ledger
Earlier in February this year, the founder of the XRPL Labs supported by Ripple, Wietse Wind, releases a proposal that will see to the implementation of the XRP Ledger support for the non-fungible tokens without having to alter the code of the ledger.
Wind, however, in the discussion he started on February 26, gave the technical implications of his proposal and how it applies to Ripple’s XRP and NFT itself. And it is majorly to support the use cases of the non-fungible tokens.
The beautiful part of his proposal is that the NFT support will require no change on the side of the XRP ledger. With just a few modifications to their clientele software, the support will be implemented.
In a summit named the Apex XRPL Developer, Summit on the 29th – 30th September 2021, Ripple set up a $250 million fund targeted to the creation and implementation of an NFT experience on the XRP Ledger. This creator fund was established in conjunction with VSA Partners, mintNFT, and Mintable. And according to Ripple, the beneficiary of the funding includes Digital innovators, talent management and creative agencies, and all other creators.
In an interview with Rachel Wolfson, a blockchain analyst, David Schwartz gave a few highlights of the usage of XRP Ledger for NFTs while he emphasized how he will ensure that the process is carbon neutral.