Vleppo, Tokel implements digital procedure to make NFT rights legally enforceable in the real world
The Web3 companies Vleppo and Tokel have successfully implemented a groundbreaking digital procedure that will pave the way for the blockchain industry and owners of non-fungible tokens (NFT) to establish and enable their legal rights enshrined in the NFTs and digital transactions to be made legally enforceable. in the courts around the world.
Vleppo said in a statement that in June the company developed a blockchain contract management system (CMS) that allows NFT owners to create a digital contract by embedding NFT’s on-chain ID directly in the Blockchain record of the same digital contract. .
However, this seemingly simple digital procedure has an enormous pioneering significance for the digital world.
Through this process, NFT can now act as an unchanging anchor of evidence for the digital contract, to always link the two together. This link is easily observable because Vleppo’s blockchain system, called Alysides, which is a custom fork of the Komodo protocol, is both public and unlicensed.
For the first time, this Vleppo solution has finally addressed the long-standing concern of the blockchain industry and NFT owners about the lack of clarity about the law enforcement of smart contracts related to NFTs.
The fact that Vleppo has developed a solution is very welcoming and gives a great sense of relief to holders of valuable NFTs.
According to the statement, for a contract to be legally enforceable, it must fully satisfy the elements such as offer, acceptance, consideration, capacity of the parties to agree and an intention between the parties to establish and be bound by legal conditions.
The first three elements are fulfilled by any smart contract. However, legal problems arise when trying to demonstrate that both parties intended to establish legal relations and / or have the capacity to enter into contracts.
This is because current smart contracts in isolation are not able to definitively confirm that these qualitative elements of a legally enforceable contract are met. Therefore, it is common practice for smart contracts to be accompanied by a separate natural contract.
In comparison, a digital contract or smart contract executed in Vleppo CMS, where the ID of the NFT is built into the Blockchain record of the contract, ensures that the link between NFT and the underlying contract cannot be broken.
The Vleppo solution is blockchain agnostic as this unique solution provides legal enforceability to NFT owners, regardless of whether NFT is on ethereum, polygon, solana or any other blockchain.
Furthermore, due to the superior design of the Komodo Protocol and the lack of reliance on “gas-style” transaction fees, Vleppos CMS can meet even the most complex contractual arrangements in a reasonable and efficient way compared to other popular protocols, such as ethereum.
By being blockchain-enabled, Vleppo can offer additional value-added services to users such as payments, deposit and blockchain-controlled dispute resolution – essentially everything needed to execute and settle contracts.
– It has been a long struggle. But it is a great pleasure for the Vleppo team to be able to enjoy the sweet smell of success. Finally, the problem that has posed a challenge to the blockchain world and NFT owners, regarding the apparent lack of legal clarity and legal rights in smart contracts, has finally been resolved.
“We welcome the opportunity to help all blockchain companies and NFT owners improve their existing digital and smart contracts as well as their NFTs to be recognized as legally binding contracts in the courts,” said Peter Coco, CEO of Vleppo.
Founded in 2018 by Malaysian Albert Cheok, Vleppo is a Web3 blockchain solution provider whose applications have been focused on developing a blockchain-integrated suite of business tools for freelancers, SMEs and businesses.
Tokel is a platform that uses unique nSPV technology to deliver a simple, fast and easy to use Blockchain NFT and token creation system, while Komodo is a community-oriented project, consisting of a customized version of the Bitcoin protocol (known as the Komodo protocol ). ) as well as a blockchain running on the Komodo protocol.
China’s Xinghuo BIF and Malaysia’s Zetrix jointly introduce Web3 Services
