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Kongens Lyngby, Denmark, July 12, 2022, Chainwire
A long-standing problem facing the blockchain world and NFT owners is the clear lack of contractual clarity and legal rights in the execution of digital asset transactions. Today, Vleppo and Tokel breakthroughs paving the way for the blockchain industry and NFT owners to establish the legal rights embodied in NFTs and legally enforce digital transactions in court. We have successfully implemented a digital procedure. world.
In June 2022, Vleppo developed a blockchain contract management system (CMS). This allows NFT owners to create digital contracts by embedding the NFT’s on-chain ID directly into the blockchain record of the same digital contract.
But this seemingly simple digital procedure has epoch-making importance to the digital world.
Through this process, NFTs act as immutable evidence anchors for digital contracts, allowing the two to be permanently linked. Vleppo’s Blockchain system, called Alysides, which is a customized fork of the Komodo protocol, is publicly available and not allowed, so this link is immediately visible.
This Vleppo solution is the first to address the long-standing concerns of the blockchain industry and NFT owners regarding the lack of legally enforceable clarity of smart contracts associated with NFTs.
Vleppo’s development of the solution not only gives valuable NFT holders a great sense of security, but is also the most welcome.
In order for the contract to be legally enforceable, (1) offer (2) acceptance (3) consideration (4) ability of the contracting parties, and (5) elements of the intent of creation and binding between the parties are complete. Must be met. Legal relationship.
The first three elements are filled with smart contracts. However, legal issues arise when trying to prove that both parties intend to establish a legal relationship and / or have the ability to contract.
This is because current smart contracts alone cannot clearly confirm that these qualitative elements of legally enforceable contracts are met. Therefore, smart contracts are typically accompanied by another natural contract.
By comparison, digital or smart contracts running on the Vleppo CMS have the NFT’s ID embedded in the contract’s blockchain record, so the link between the NFT and the underlying contract is not broken.
Vleppo solution relies on blockchain as this unique solution provides NFT owners with increased legal enforcement, regardless of whether the NFT is on Ethereum, Polygon, Solana, or any other blockchain. I will not.
In addition, due to the excellent design of the Komodo protocol and the lack of reliance on “gas-style” transaction fees, Vleppo’s CMS is a very complex contractual arrangement compared to other popular protocols such as Ethereum. Is also affordable and efficient.
Being blockchain-enabled, Vleppo can provide users with basically all the value-added services they need to execute and settle contracts, including payments, escrow, and blockchain-managed dispute resolution.
Chris SloanChairman of a US law firm start-up team Baycard Nelson Said:’For example, the concept of embedding a song’s NFT in a recard contract that defines the user’s rights to the song was “followed by Vleppo and Tokel’s demonstration in a panel discussion on Thursday, July 7th. Such a digital asset under traditional contract law. “
In the same panel discussion Jesper Lffler NielsenAssociate Partner Focus advocatorEmphasizes the disconnect between the EU’s desire to adopt blockchain solutions for IP and action and its aggressiveness, referring to the 2019 Blockchain Now and Tomorrow European Commission report: I am saying. And now we are in 2022, and as far as I know, there hasn’t been a big leap when it comes to recognizing some of these applications (blockchain and IP).
Through Vleppo CMS, solutions are available to effectively manage the gap between the world of digital assets and current legislation.
Peter Coco, Vleppo CEO said: However, it is a great pleasure for the Vleppo team to be able to taste the sweet scent of success. Finally, the issues that challenged the blockchain world and NFT owners regarding the lack of legal clarity and legal rights in smart contracts were finally resolved. We welcome the opportunity to help all blockchain companies and NFT owners strengthen their existing digital and smart contracts and NFTs, which are recognized in court as legally binding contracts. “
Peter will attend the DMCC FreeTrade Zone in Dubai to meet with partners and investors from mid-July to late July to unleash the value of the world of potential applications for Vleppo’s technology and the owners of NFTs and other digital assets. Discuss the next steps to help you become. ..
Founded in 2018, Vleppo is a Web3 blockchain solution provider. The application focuses on developing a blockchain integrated business tool suite for freelancers, small businesses, and enterprises. For more information, please visit: www.vleppo.com..
For Peter Coco, Telegram (@petercoco) and email ([emailprotected]).
Tokel is a platform that uses proprietary nSPV technology to provide a simple, fast and easy-to-use blockchain NFT and token creation system. For more information, please visit: www.tokel.io..
Komodo is a community-oriented project that consists of a customized version of the Bitcoin protocol (known as the Komodo protocol) and a blockchain running on the Komodo protocol.
Peter Coco, Vleppo ApS, [emailprotected]+ 380503161600
