The XRP Ledger (XRPL) ecosystem is set to launch Hooks sidechain, a separate ledger with unimaginable features, designed to support XRP as its native asset.
The XRP Ledger (XRPL) ecosystem is on the brink of a groundbreaking development as plans are unveiled to launch a separate ledger specifically designed to support XRP as its native asset.
Recently, Wo Jake, an independent Evernode evangelist and HotPocket developer took to Twitter to announce the upcoming launch of a new ledger called the Hooks sidechain, which will feature XRP as its native asset. The development will revolutionize the XRPL with unique features and applications.
? Important announcement to all ?
The XRP Ledger ecosystem will have a new, separate ledger that will have $XRP as its native asset.
More on this thread ? …
— Wo Jake (@woj4ke) June 4, 2023
Recall that earlier this year, The Crypto Basic reported from an XRPL developer who said the proposed sidechain underwent a security audit with further improvement in progress.
According to the recent update from Jake, the Hooks sidechain, powered by the XRPL consensus protocol, aims to introduce various innovative features, applications, and growth opportunities previously unimaginable on the XRP Ledger.
Jake emphasized that including Hooks would allow developers to build and deploy an array of products and functionalities without the lengthy process of making direct changes on the underlying network.
“With Hooks, developers are able to build and deploy a variety of products & features without needing to push changes directly on rippled, which may take up months to even show up on the network for voting,” Jake revealed.
Hooks Offers Seamless Transition from XRPL
The HotPocket developer also noted that the most remarkable aspect of the Hooks sidechain is its striking resemblance to the mainnet. With the same interface —for ledger framework and consensus protocol— the transition from the XRPL to the Hooks sidechain is expected to be seamless for developers, teams, and enterprises.
Devs, teams and enterprises are able to jump into the Hooks sidechain and do research & development straight to it as the underlying network is very very similar to the mainnet.
The interface is the same, the ledger framework is the same, the consensus protocol is the same.
— Wo Jake (@woj4ke) June 4, 2023
This parallel structure ensures that the Hooks sidechain becomes a fertile ground for research and development activities, enabling faster progress within the XRPL ecosystem. Jake also emphasized Hooks sidechain’s tremendous potential for accelerating research and development efforts.
XRP to Become More than a Gas Token
Furthermore, Jake highlighted that Hooks would also empower XRPL users to derive more value from the network in a user-friendly manner. He believes that, as the Hooks sidechain and associated solutions such as Evernode gain traction, XRP’s reputation will evolve beyond that of a gas token.
This implies that the network’s applications, user base, and liquidity will drive organic demand for XRP, positioning it as an essential asset within the XRPL ecosystem.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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