Smart contract feature “Hooks” live on XRP ledger

• The new smart contract feature “Hooks” is live for all developers and XRP node operators since a few hours.
• By using Hooks, basic Smart Contract functionalities can be performed and tested on the XRP Ledger.

Ripple has been working for a long time to find more applications for XRP. As Crypto News Flash already reported, Ripple cooperated with Flare Networks to execute Ethereum’s smart contracts on the XRP ledger. This interface opens up a wide range of possibilities to develop new use cases for XRP and connected components of the ledger. Wietse Wind has now introduced a new function, developed by his own company, for smart contracts with “Hooks”.

XRPL gets smart contract functionality by releasing Hooks

Already in October “Hooks” was introduced in the alpha version for the XRPL. Hooks is one of the most anticipated integrations for the XRP ledger and provides the first proprietary smart contract functionality for the XRP ecosystem. The chief developer Wietse Wind announced on Twitter a few hours ago that the code is now freely available to everyone and all node operators can use Hooks.

Time to spin up your own local XRP ledger with the Hooks amendment enabled 😉

After months of discussing, tinkering, designing, discussing some more, building (99% Richard, hats off to him!), testing, etc. it’s super exciting to publish this 😎🍻https://t.co/dfOK5KVgy3

— WietseWind { 𝚡𝚛𝚙𝚕𝙳𝚎𝚟: 𝚝𝚛𝚞𝚎 } (@WietseWind) November 18, 2020

Wind has shared the code as well as a set of different commands for Docker, an app used to execute software from code packages, with the community that are necessary to use smart contracts on the XRP ledger. The official entry on Github with detailed instructions can be found here. Put simply, developers must follow two basic steps.

First, one node must be operated to view the logs and another to implement the commands for executing the smart contracts. Wind further emphasizes that there will be further updates and adjustments, and that this will initially be a collection of basic smart contract functions. Hooks is one of the most anticipated releases for the XRPL in 2020, along with the banking app XUMM. A developer wrote on Twitter that he has already prepared the basic setup of the virtual machine and will test Hooks extensively in the next few days:

I just dot done setting up a virtual machine on one of my servers, and I can’t wait to start testing out the $XRP Ledger Hooks Amendment.

More use cases for XRP and the XRPL

Flare Finance’s DeFi protocol based on Flare Networks will bring a total of 6 different DeFi products to the market, all based on XRP as bridge currency. This is intended to create a multi-token ecosystem where users can use XRP and other assets in a variety of ways. It is interesting to note that Flare Finance will also offer a DeFi protocol that will enable YielFarming.