Ripple news update: Ripple starts testing Native NFT Functionality
In the latest Ripple news, RippleX, the development arm of Ripple, has announced that its team of developers is now optimistic about the XRP Ledger’s ability to support the XLS-20 standard for non-fungible tokens.
According to an update posted by RippleX, its developers were able to reach a peak sustained throughput of 2,199 transactions per second when processing XRP payments. The update also revealed that RippleX’s development team created a million accounts that produced 20 NFTs each to test the throughput of NFTs. Following that, RippleX also assessed a combination of NFT minting, NFT offers, and XRP payments.
According to reports, the tests were reportedly carried out in a perfect setting with synthetic workloads. However, due to the fact that only five validators were functioning at any one site, the aforementioned statistics do not accurately represent the network’s performance in real life.
Ripple has, however, maintained that its ledger is a perfect fit for NFTs because of its speed, cheap transactions, simplicity, sustainability, and decentralization.
Earlier this year, Ripple updated its servers to enable validators to vote on the implementation of the aforementioned standard. The development team started evaluating the XRPL’s capacity to handle the increased transaction volume brought on by on-ledger NFTs.
Back in September, a San-Francisco-based company introduced a $250 million fund for NFT creators who are willing to work on the XRP Ledger.
Another Ripple news making wave is the massive spike in network activity following the unlocking of 1 billion XRP on the Ripple Escrow Wallet and a series of sizable blockchain transfers totaling over $108 million.
XRP’s escrow feature allows users to send conditional XRP payments to set aside XRP and release it when certain conditions are met.
Most of the transactions that have been made are, however, between anonymous wallets and exchanges like Bitstamp. Additional reports state that one wallet, which has sent and redistributed more than $30 million worth of XRP to other wallets on the exchange, is constantly moving massive amounts of coins and could be somehow tied to the exchange as one of many reserve wallets that centralized exchanges use.
The wallet was also found to have made a transfer of 100,000,000 XRP to an unknown address directly from the wallet associated with Ripple.
Additional Ripple news coming out of Colombia is that Ripple and partner Peersyst Technology, a Barcelona-based software development firm, have announced the launch of Colombia’s first National Land Registry on top of the XRPL Blockchain after working together for a year.
The solution is based on the XRP stamp and was implemented for Colombia’s National Land Agency, “AgenciaTierras,” to allow digital assets to be registered on XRPL and their legitimacy to be confirmed with a QR code. To gain the trust of the Colombian people, the solution aims to register more than 100,000 judgments in the near future.
