XRP News: Ripple Labs is dealing with the legal complication enforced by the U.S. Securities and Exchange Commission (SEC). However, its decentralised public blockchain, XRP Ledger (XRPL) is gearing up to launch its native smart contracts Hooks.
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Hooks To Replace XRP?
FYEO, a Web3 security auditing firm confirmed the commencement of the security assessment of the Hooks Amendment. It stated that the Hooks Amendment will enable on-ledger smart contracts which are purposely built to expand XRPL’s capabilities.
As per the Hooks amendment, it aims to provide support for native on-ledger smart contracts that are able to perform several specific functions completely based on predefined conditions. It mentioned that it is built to be more straightforward and efficient unlike Ethereum, which utilizes a Turing complete 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, like creating custom triggers for some specific events on the ledger.
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As communicated by XRP labs, it is uncertain to predict that XRP price will be affected by the Hooks launch. It will for sure impact the XRP Ledger ecosystem, it added. However, it is hard to confirm the exact launch date as the new project is moving forward smoothly and the security Audit was a major 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 extensively mentioned by the legal aides in the case.
On the market side, XRP is on a recovery rally, up by 28% over the past 30 days. XRP is trading at an average price of $0.49, at the press time.
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