For a long while, there has been a lack of clarity on contractual and legal rights in enforcing digital asset transactions.
Vleppo and Tokel are set to provide innovation for this long-standing problem by conducting a breakthrough through a digital procedure. The procedure facilitates the blockchain industry and owners of NFT to initiate and incorporate legal rights in NFT and digital transactions have legal enforceability in the courts of law globally.
Legal Enforceability of NFT rights made possible
Vleppo recently developed a Blockchain Contract Management System facilitating owners of NFT to develop a unique digital contract in June. The contract embeds its NFT on-chain ID directly into the record of the blockchain within the same digital contract. The procedure is straightforward but has a significant impact on the cryptocurrency industry. It ensures there is fixed and unchangeable evidence of the digital contract that will permanently link the two.
Vleppo has a blockchain system, Alysides, that ensures the link is readily accessible. The blockchain system leverages a customised Komodo technology that is public and permissionless.
Challenge experienced with the use of Smart Contracts
Crypto Lists believes that several holders of highly valuable NFTs can rest easier due to the solution Vleppo has developed. There are certain elements that a contract must satisfy to be legally enforceable. These are offer, acceptance, consideration, competency of parties to contract, and the intent of parties to create and be bound to legal relations. A smart contract fully satisfies the initial three elements. However, the final two elements cause legal technicalities in proving that parties can contract and intend to create legal relations. Smart contracts cannot confirm these elements in isolation. A separate natural contract more often accompanies it.
Benefits of Vleppo and Tokel solution in legal enforceability of NFT Rights
The solution provided by Vleppo executes smart contracts in its Contract Management System(CMS). The NFT ID is embedded in the blockchain of the contract to guarantee the link between the contract and NFT is permanent and unbroken. The solution is not limited to a particular blockchain. It enables legal enforceability to NFT owners in Ethereum, Solana, Polygon, Bitcoin, and all other blockchains. The Vleppo CMS utilises Komodo technology and hence benefits from its superior design and non-reliance on gas fees in transactions. It enables the system to conduct complex contractual agreements while being affordable and efficient, unlike other protocols such as Ethereum, Polkadot, and ChainLink.
The additional benefit of Vleppo being blockchain-enabled is it provides value-added services such as deposit methods, escrows, and blockchain-governed dispute resolution. These are all essential in executing and settling contracts.
Several panel discussions and forums have praised the Vleppo and Tokel solutions. It effectively bridges the gap between the NFT world and current legislation. Vleppo’s Chief Executive Officer, Peter Coco, unveiled that it had been a long-awaited achievement to get it over the line as he savours the sweet smell of success. He mentioned that it is much pleasure to resolve the problem of uncertainty on legal clarity and legal rights in smart contracts. He welcomes all blockchain platforms and owners of NFTs to embrace their success. Enhancing the current digital and smart contracts, especially with NFTs, will enable their NFTs regarded as legally binding contracts in a court of law.
Crypto Lists learns that Peter is due to be at the Dubai Multi Commodities Centre (DMCC) Free Trade Zone in Dubai later in July. He intends to engage partners and investors in discussions around possible universe applications of the company’s technology. Additionally, he will highlight avenues for assisting owners of digital assets and NFTs in monetising their value.
Background into Vleppo and Tokel
Vleppo is a blockchain technology company founded in 2018 as a Web3 blockchain solution provider. It facilitates customised blockchains and develops necessary applications that are simple, affordable, and user-friendly for businesses and freelancers.
Tokel is a decentralised application platform utilising its nSPV technology to simplify how one interacts with the blockchain. It also eases token project processes where one can tokenise and sell their art. It also relies on Komodo technology, which is a community-oriented project.
Crypto Lists continues to update on these new developments that significantly could impact the digital world.