RippleX has introduced a new proposal to enhance the discoverability and usability of Multipurpose Tokens (MPTs) on the XRP Ledger. The metadata standard intends to address the challenges users face with the free-form metadata field that currently defines MPTs.
XRP Ledger New Metadata Standard for Multipurpose Tokens
Currently, MPTs on the XRP Ledger rely on a flexible metadata field, which allows token issuers to attach arbitrary data. This flexibility, however, has led to difficulties in sorting, identifying, and comparing tokens.
This proposal comes on the same day Ripple announced its collaboration with Ctrl Alt to tokenize $325 million of real estate on the XRP Ledger. This move from the developers could boost the network’s functionality.
To address these shortcomings on the XRP Ledger, RippleX has suggested a minimally standardized metadata schema of MPTs. This scheme is meant to help MPTs be more findable and rankable, which will give developers and users a more satisfactory experience.
Key fields outlined in the new standard include:
- Ticker: A unique symbol that represents the token, ensuring easier searching and ranking.
- Name: The token’s full name, allowing for better recognition.
- Description: A brief summary that explains the purpose of the token.
- Icon: A URL pointing to an image that visually represents the token.
- Asset Class: A category for classifying the type of token (e.g., gaming, real estate, decentralized finance).
Additionally, optional fields such as issuer details and related URLs are also part of the proposal to increase transparency and connection to external resources. This metadata structure will, as a result, allow tokens to be better integrated into the XRP Ledger’s ecosystem and facilitate their use across various applications and services.
This proposal is likely to be a welcome development for developers who are already building on the XRPL’s EVM sidechain. It is worth noting that the sidechain has so far been a success, with over 1,400 smart contracts already existing on the sidechain.
Flexible Adoption with Developer Guidance
Developers will have the option of whether to choose the new metadata standard or not. RippleX has made it clear that developers do not need to implement the changes, but doing so will improve the chances of their tokens enjoying better discovery and integration on the XRP Ledger.
To assist developers, RippleX’s SDKs (such as xrpl.js, xrpl-py, and xrpl4j) will issue warnings if MPTs are missing the recommended metadata. This guidance will ensure that developers are aware of the challenges their tokens may face in terms of visibility and integration if the new standard is not followed.
By making the XRP Ledger standard optional, RippleX aims to provide flexibility to token issuers and promote further adoption, thereby achieving greater interoperability. Through this new structure, the developers believe it can enhance the experience of both the issuers and those using the variety of tokens in the XRP Ledger ecosystem.
Amid the latest developments on the XRP Ledger, the XRP price has broken above the $3 mark. CoinMarketCap data shows that the altcoin is up over 6% in the last 24 hours.
Kelvin Munene Murithi
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Source: https://coingape.com/ripple-developers-propose-new-metadata-standard-on-xrp-ledger-for-mpts/