XRPL Labs and FYEO have teamed up to conduct a security evaluation of the Hooks Amendment, which seeks to bring smart contracts to the XRP Ledger.
XRPL Labs has partnered with FYEO to conduct a security assessment for the Hooks Amendment, a feature intended to enable smart contract functionality on the XRP Ledger. This collaboration brings the XRP Ledger one step closer to supporting native smart contracts.
FYEO disclosed the partnership in a recent tweet, emphasizing that it has already begun a comprehensive security audit on the Hooks Amendment feature. The objective of the assessment is to ensure the security of the feature.
$XRP Ledger one step closer to having native smart contracts (Hooks): FYEO (@gofyeo) commences comprehensive security assessment of the Hooks Amendment with @XRPLLabs & @WietseWind https://t.co/Js4RcFgpv2
— FYEO (@goFYEO) April 19, 2023
FYEO’s proficiency in blockchain-agnostic processes will be valuable in scrutinizing the Hooks Amendment. By conducting the security audit, FYEO will comprehensively evaluate the security of the Hooks Amendment to detect and address any possible issues.
In an official statement, FYEO confirmed that the security audit of the Hooks Amendment has commenced, starting with an assessment of the feature’s foundation before moving on to scrutinize the code base. The audit has specifically examined the usage of WebAssembly (WASM), the hooks helper functions, and the setting and execution of hooks.
Smart Contracts on XRP Ledger: The Hooks Amendment
The Hooks Amendment is a proposed feature for the XRP Ledger that seeks to bring smart contract functionality to the network through the implementation of Hooks, a series of lightweight smart contracts. The feature was proposed by XRPL Labs, a team of software developers working towards enhancing and maintaining the XRP Ledger.
Smart contracts are programs that automate the execution of a contract. They operate on a blockchain and can transfer assets, verify identity, and execute contractual terms automatically. The benefits of smart contracts include increased efficiency, reduced costs, improved transparency, and greater security in transactions.
Despite its robustness, the XRP Ledger does not feature smart contracts. XRPL Labs unveiled Hooks Amendment in July 2020 to address this. They released the public beta version in April 2021, which was made available to all developers looking to test the feature for any issues.
The smart contracts implemented through the Hooks Amendment aim to surpass Ethereum’s smart contracts in functionality by providing a more streamlined and efficient solution.
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