Vleppo utilizes its Alysides blockchain system, which ensures the link between the contract and the NFT is easily accessible. The system uses customized Komodo technology, which is public and permissionless.
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CryptoChipy believes that the solution developed by Vleppo brings relief to holders of highly valuable NFTs. Certain essential elements must be satisfied for a contract to be legally enforceable. These include the offer, acceptance, consideration, the competency of the contracting parties, and the intent to form a legally binding relationship. While smart contracts fulfill the first three requirements, the remaining two can cause legal complications in proving that the parties can contract and intend to create legal relations. Smart contracts cannot confirm these two elements alone; a separate natural contract typically accompanies them.
The Advantages of the Vleppo and Tokel Solution in Ensuring Legal Enforceability of NFT Rights
Vleppo’s solution carries out smart contracts in its Contract Management System (CMS). The NFT ID is embedded in the blockchain record of the contract to ensure the link between the contract and the NFT is permanent and intact. This solution is not confined to a single blockchain and allows for the legal enforceability of NFTs on Ethereum, Solana, Polygon, Bitcoin, and many other blockchains. Vleppo’s CMS leverages Komodo technology, offering superior design and eliminating reliance on gas fees for transactions. This makes it possible to conduct complex contractual agreements in an affordable and efficient manner, unlike other protocols such as Ethereum, Polkadot, and ChainLink.
Additionally, Vleppo’s blockchain-enabled system provides value-added services like deposit methods, escrows, and blockchain-governed dispute resolution. These services are crucial for executing and settling contracts.
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Numerous panel discussions and forums have recognized the solutions provided by Vleppo and Tokel. It effectively bridges the gap between the world of NFTs and current legal frameworks. Vleppo’s CEO, Peter Coco, expressed that this achievement has been long awaited and is a source of great satisfaction. He emphasized the pleasure of resolving the uncertainty surrounding legal clarity and rights in smart contracts. He invited blockchain platforms and NFT owners to embrace this success, enhancing digital and smart contracts, particularly with NFTs, to ensure they are recognized as legally binding in court.
CryptoChipy reports that Peter is scheduled to attend the Dubai Multi Commodities Centre (DMCC) Free Trade Zone in Dubai later in July. He plans to engage with partners and investors about potential universal applications of the company’s technology. Additionally, he will explore ways to assist digital asset and NFT owners in monetizing their assets.
Background on Vleppo and Tokel
Vleppo is a blockchain technology company founded in 2018, offering Web3 blockchain solutions. It enables the creation of customized blockchains and develops simple, affordable, and user-friendly applications for businesses and freelancers.
Tokel is a decentralized application platform that uses its nSPV technology to simplify interactions with the blockchain. It streamlines the tokenization and sale of art and relies on Komodo technology, a community-driven project.
CryptoChipy continues to monitor and update these developments that could significantly impact the digital world.
