• XRPL Labs is developing a Hooks sidechain with XRP as the native token.
• The development team has signed a security audit contract and is hopeful that the sidechain will pass its stress test.
• This Hooks sidechain is intended to increase flexibility, allowing developers and businesses to build more creative applications with XRP.
XRPL Labs Developing Hooks Sidechain
XRPL Labs, lead by Wietse Wind, has announced the development of a Hooks sidechain with XRP as the native token. This project has been in the works for over two years and a security audit contract was recently signed in order to ensure that it passes its stress test before it goes live on mainnet.
Hooks are small pieces of code which are defined on an XRPL account – allowing logic to be executed before or after transactions take place. These hooks can range from simple instructions such as “reject payments under 10 XRP” to more complex automated tasks such as sending a percentage of all outgoing payments to another account.
Increased Flexibility & Adoption
The potential for this new sidechain technology is huge and could potentially drive up both adoption of XRPL Ledger technology and utility for XRP tokens in various real-life applications if successful; however, validators cannot vote on it at this time – indicating that mainnet deployment is still some way off yet.
As we await further news from Wietse Wind regarding progress on the auditing process and eventual launch of this new smart contract enabled side chain; there is no doubt that increased flexibility brought by Hooks would make the entire ledger far more attractive – driving up adoption rates while also potentially increasing demand for XRP tokens amongst investors looking to capitalize on its real-world use cases in future applications built using these new technologies.