XRP News: Ripple Labs faces the legal complications imposed by the US Securities and Exchange Commission (SEC). However, the decentralized public blockchain, XRP Ledger (XRPL), is gearing up to launch its own smart contracts Hooks.
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Hooks to replace XRP?
FYEO, a Web3 security audit firm, confirmed the start of the Hooks Amendment security review. It stated that the Hooks amendment will enable ledger smart contracts that are purposely built to extend the capabilities of XRPL.
According to the Hooks amendment, it is intended to provide support for native on-ledger smart contracts that can fully perform several specific functions based on predefined conditions. It mentioned that it is built to be simpler and more efficient, unlike Ethereum, which uses a complete Turing programming language for its smart contracts. Read more XRP news here…
XRP is the native currency of Ripple and XRP Ledger, while Hooks will be a smart contract for XRPL. It is expected that Hooks will add custom on-ledger functionality, such as creating custom triggers for some specific ledger events.
Also Read: Ripple Facing Issues With Its New Project Due To XRP Lawsuit?
As communicated by XRP labs, it is uncertain to predict XRP price will be affected by the Hooks launch. It will definitely impact the XRP Ledger ecosystem, it added. However, it is difficult to confirm the exact launch date as the new project is progressing smoothly and the security audit was an important stepping stone.
It is important to note that Ripple’s Hooks announcement comes amid the long-running legal battle between Ripple Labs and US SEC. XRPL has been mentioned extensively by the legal assistants in the case.
On the market side, XRP is in a recovery rally, up 28% in the past 30 days. XRP is trading at an average price of $0.49 at the time of writing.
Ashish believes in decentralization and has a keen interest in the development of Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching a thriller or exercising outside. Reach me [email protected]
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