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HomeCrypto NewsMarketNew XRPL Chain Passes Security Audit, Set to Use XRP but No Association with Ripple

New XRPL Chain Passes Security Audit, Set to Use XRP but No Association with Ripple

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The new XRPL chain passes its security audit, with disclosures suggesting it will use XRP but has no association with Ripple or the US.

XRPL Labs, a firm specializing in creating applications and services tailored to the XRP Ledger (XRPL), has announced the successful completion of an extensive security audit for the Hooks amendment. This significant milestone signifies the imminent arrival of Hooks, which will introduce an innovative XRPL side chain that leverages XRP as a native asset.

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XRPL Labs engaged FYEO, a leading cybersecurity firm, to perform the security audit. The evaluation focused on scrutinizing the Hook API, execution environment, and other essential framework protocols. Encouragingly, no significant security issues were discovered, according to XRPL Labs.

The audit results have come up a few months after Wietse Wind, founder of the XRPL Labs, unveiled the Hooks amendment and emphasized that they had signed a security audit contract for the project. As The Crypto Basic reported in January, Wind confirmed that Hooks would launch after the audit and the implementation of any proposed improvements.

The Crypto Basic further confirmed in April that XRPL Labs had chosen FYEO to conduct the Hooks amendment protocol security assessment. FYEO noted that the audit began in mid-April.

Hooks Set to Launch This Year

The Hooks amendment stands as a highly anticipated milestone for the XRP community, potentially unlocking a realm of new opportunities for the XRP Ledger. This exciting development has sparked fervor among the XRP community, as reflected in a tweet shared by an anonymous member.

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The individual reached out to Wietse Wind, seeking information about the timeline for the Hooks amendment. In response, Wind emphasized that the launch of Hooks should not be perceived as a traditional “fork” process. He clarified that the amendment does not involve duplicating data or creating an entirely new ecosystem, distinguishing it from typical fork implementations.

Instead, Hooks takes a unique approach by introducing a complementary sidechain that harmonizes effortlessly with the existing XRPL ecosystem. While providing a tentative timeframe, Wind estimated a Hooks launch target of “somewhere 2023.”

Hooks to Use XRP, but no Association with Ripple

In a separate disclosure, Eri, a prominent XRP community influencer, clarified that the new XRP Ledger chain associated with the Hooks amendment would have no affiliation with Ripple or the United States. However, as The Crypto Basic recently confirmed, the chain will use XRP as a native asset.

Eri highlighted the growing interest from enterprises looking to utilize XRP and emphasized the need to push the space forward with innovative approaches. Hooks is an effort towards implementing this forward push, devoid of the challenges from the US regulatory landscape.

With the successful completion of the security audit, the XRPL Labs team is now one step closer to integrating the Hooks amendment into the XRPL. This development brings optimism and paves the way for implementing new and exciting services for XRPL users.

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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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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