Vleppo and Tokel make NFT rights legally enforceable in the real world by leveraging Komodo technology
Kongens Lyngby, Denmark –News Direct– Vleppo
A long-standing problem facing the blockchain world and NFT owners is the apparent lack of contractual clarity and legal rights in the enforcement of digital asset transactions. Today, Vleppo and Tokel have successfully implemented a groundbreaking digital procedure that will pave the way for the blockchain industry and NFT owners 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.
In June 2022, Vleppo developed a Blockchain Contract Management System (“CMS”) that enables NFT owners to create a digital contract by embedding NFT’s on-chain ID directly into 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.
In order for a contract to be legally enforceable, it must fully satisfy the elements of (1) offer (2) acceptance (3) consideration (4) capacity of the contracting parties and (5) an intention between the parties to establish and be bound by legal relationship .
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 improves the legal enforceability of 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.
Chris Sloan, chairman of the Emerging Companies Team at the American law firm Baker Donelson, said: the benefits of an NFT in terms of being able to track the distribution of a digital asset such as that with traditional contract law ‘during a panel discussion on Thursday 7 July after the Vleppo and Tokel demonstration.
During the same panel discussion, Jesper Løffler Nielsen, Associate Partner at Focus Advokater, highlighted the link between the desire and positivity in the EU to embrace Blockchain solutions for IP and action, with reference to the 2019 “Blockchain Now and Tomorrow” EU Commission report which states’ … But we (the EU) are moving slowly because it was in 2019 and now we are 2022, and as far as I know there have been no major leaps forward when it comes to recognizing any of these applications (by Blockchain and IP). ‘
Through Vleppo CMS, a solution is now available to effectively manage the gap between the digital resource world and current legislation.
Peter Coco, Vleppo’s CEO, said: “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. “
Peter will be at the DMCC Free Trade Zone in Dubai to meet partners and investors in mid-late July to discuss the potential universe of applications of Vleppo’s technology and the next steps to help owners of NFTs and other digital assets with to unlock and monetize their value.
About Vleppo
Vleppo was founded in 2018 and is a Web3 provider of blockchain solutions. The applications have been focused on developing a Blockchain integrated package with business tools for freelancers, SMEs and companies. For more information visit www.vleppo.com.
Peter Coco can be reached directly via Telegram (@petercoco) and email ([email protected]).
About Tokel
Tokel is a platform that uses unique nSPV technology to deliver a simple, fast and easy-to-use Blockchain NFT and token creation system. For more information visit www.tokel.io.
About Komodo
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.
Contact information
Vleppo ApS
Peter Coco
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