Friday, May 7, 2021
Home Crypto News Market Hooks Add Smart Contract Functionality To XRP Ledger

Hooks Add Smart Contract Functionality To XRP Ledger

- Advertisement -

Hooks add smart contract functionality to the XRP Ledger: ‘layer one’ custom code to influence the behavior and flow of transactions. Hooks are small, efficient pieces of code being defined on an XRPL account, allowing logic to be executed before and/or after XRPL transactions.


The XRP ledger is known and is being appreciated for its transaction throughput, speed and the low fees. Combined with available advanced transaction types like multi sign, escrows, payment channels and even a decentralized exchange (all on ledger, out of the box, without requiring smart contracts) the XRPL has a lot to offer businesses and (creative) developers.

Hooks add smart contract functionality to the XRP Ledger: ‘layer one’ custom code to influence the behavior and flow of transactions. 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.

By allowing hooks to not only execute efficient logic but also to store small, simple data objects, one could define a hook like: “for incoming payments transactions, check if the sending account is in a list maintained by another hook, and if present: reject the transaction”.

Hooks are deliberately not Turing-Complete. While often touted as the holy grail of smart contracts, Turing-Completeness is actually inappropriate for smart contracts.

Hooks are currently live on a public testnet. It’s time for testing, coding, having fun & breaking things, so a future amendment to add Hooks to the XRP Ledger livenet can be drafted with confidence, hopefully at the end of 2021.

- Advertisement -
Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Bitmain Placed An Order With TSMC to Produce 5nm Chips for Crypto Mining

As Bitcoin and Ethereum reach record high prices, miners can increase their spending on equipment, and companies developing ASICs for mining do not waste...

Cardano CEO: May Will Be A Big Month For Us As We Are Now Leading The PoS World

Last few months of Cardano included Updates, upgrades, improvements and implementations. Cardano seem to be pretty much sticking to their roadmap.

Ripple Recent Q1 2021 Reports Shows Increase In Demand For XRP

Ripple released its quarterly report that highlighted the growing demand for XRP in the first quarter of 2021. The company's total XRP sales reached...

NEM Gets Stronger AS NEM Ventures Announced Mentoring & Financial Support Program “Ignite”

NEM Ventures, the investment division of NEM (XEM), announced that it will start the mentoring & financial support program "Ignite". ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly