XRPL Labs lead developer Wietse Winde said he withdrew a “yes” vote from the XRPL Labs validator in the vote for the XLS-20 amendment. Simply put, an important and long-awaited amendment that would take the NFT to XRPL to the next level may be postponed indefinitely.
An explainer 🧵 on the recent finding that a simple ‘flag’ (setting) on minted NFT’s can be abused, causing NFT issuers to get all their XRP locked up due to actions of third parties.
Because of this finding, I have removed the “yay” vote of the @XRPLLabs validator. Temporarily.
The reason for this decision was a critical error in the mechanism, in which one who created or minted NFT on XRPL risked getting his XRP frozen. Freezing occurs because, when the creator or minter receives royalties for NFT in a cryptocurrency in which he did not have a “trust line,” a “trust line” for this cryptocurrency automatically gets created at the expense of the XRP reserve of the creator or minter of an NFT.
Such a vulnerability in the XLS-20 mechanism creates an opportunity for exploitation and attacks by unscrupulous users. For this reason, the vote is expected to lose the majority, and then the XRPL Labs team will set out to fix the problem.
Nevertheless, according to Wietse Winde, it is not necessary to say goodbye to the XLS-20 amendment forever, and innovations will definitely happen after the fixation, given that the threshold of 80% of the votes in favor had already been reached once.
Code update. Best 1 day, worst 7
Release updated code. Best 1 day, worst 7
Update validators. Best 1-2 weeks, worst 1-2 months
Best and worst estimate for xls 20 going live..
Best: 1 month
Worst: 2.5 months..
At the same time, one of the pro-XRPL activists and creators of the NFT, Combat Kanga, estimates that fixing the problem could take one month at best, and up to two and a half months at worst.
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.
