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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

How XRP Labs’ “Hooks” Could Unlock A New World For The XRPL

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Ripple XRP XRPL

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XRP Labs founder and lead developer Wietse Wind announced the launch of the public beta testnet for the Hooks Amendment. Build for the XRP Ledger, “Hooks” has been highly anticipated in XRP’s community.

When fully implemented, Hooks is set to enable smart contract functionality to the XRP Ledger on its layer one. Thus, the amendment will become a key component for the XRPL and will allow it to store small data objects.

With the capacity, the XRP Ledger will be able to expand its use cases and functionalities. In addition to high transaction throughput, cost-efficient, and fast settlements, the platform could have advanced or simple functions, as explained by XRP Labs:

Hooks are small, efficient pieces of code being defined on an XRPL account, allowing logic to be executed before and/or after XRPL transactions. These hooks can be really simple, like: “reject payments < 10 XRP”, or “for all outgoing payments, send 10% to my savings account” or more advanced.

The public beta testnet will allow developers to try, “break”, code, and experiment with Hooks. In that way, XRP Labs can “drafted with confidence” an amendment to be put up for voting at the end of 2021. Emi Yoshikawa Vice-president for Corporate Strategy & Operations at Ripple said:

Super exciting! “Hooks” would significantly expand potential use cases of the XRP Ledger! Hooks add smart contract functionality to the XRP Ledger: ‘layer one’ custom code (…).

XRPL Hooks New Use Cases Could Boost Demand For XRP

XRP Labs presents four possible scenarios where Hooks could make a real impact for XRPL users. First, a user could send XRP to a second user with custom logic. Therefore, allowing a payment to be received by the Hook and send a percentage of the transaction to a separate account.

XRP XRPUSDT Ripple
Source: XRP Labs

Another use case could be implemented with corporations or banking institutions to program the Hook with a function that rejects or accepts payment if the senders fulfill certain conditions, like having an account.

Conversely, an outgoing transaction can be denied by a user’s Hook account if the destination account appears on a “BlockList provided by an on-ledger oracle”. The user still would have the capacity to program the Hook to follow or disregard this instruction. In doing so, XRPL could have an efficient tool to fight scammers and other illegal activities.

XRP XRPUSDT Ripple
Source: XRP Labs

Finally, an institution could control a Hooks account to redirect payment to Cold Storage. Also, the institution could program the Hook’s account to require two signatures to send funds. Thus, the amendment could expand XRPL uses cases and boost XRP demand.

XRP has seen an important rally in the last week. At the time of writing, XRP is trading at $1,35 with sideways movement in the daily chart. The tokens have followed the general sentiment in the market but still registered a 155.5% profit in the 30-day chart.

XRP XRPUSDT Ripple
XRP moving sideways in the daily chart. Source: XRPUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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