The “Hooks” smart contract feature live on XRP ledger

• The new “Hooks” smart contract feature has been available to all developers and operators of XRP nodes for a few hours.
• Using Hooks, basic Smart Contract functionality can be performed and tested on the XRP Ledger.

Ripple has been working a long time to find more applications for XRP. As already reported by Crypto News Flash, Ripple has partnered with Flare Networks to execute Ethereum smart contracts on the XRP ledger. This interface opens up a wide range of possibilities for developing new use cases for XRP and related ledger components. Wietse Wind has now introduced a new feature, developed by their 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 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. Lead developer Wietse Wind announced on Twitter a few hours ago that the code is now available for free to everyone and all node operators can use Hooks.

Time to create your local XRP registry with Hooks amendment enabled 😉

After months of discussions, adjustments, projects, discussions, constructions (99% Richard, hats off!), Testing, etc. It’s super exciting to post this 😎🍻https: //t.co/dfOK5KVgy3

– WietseWind {: } (@WietseWind) November 18, 2020

Wind shared the code and a number of different commands for Docker, an app used to run software from code packages, with the community needed to use smart contracts on the XRP registry. The official entry on Github with detailed instructions can be found here. Put simply, developers have to follow two basic steps.

First, one node must be used to view logs and another to implement commands for executing smart contracts. Wind also points out 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 XRPL in 2020, alongside the banking app XUMM. One developer tweeted that they have already prepared the basic virtual machine configuration and will be extensively testing Hooks in the coming days:

I’ve just finished setting up a virtual machine on one of my servers and can’t wait to start testing the $ XRP Ledger Hooks amendment.

More use cases for XRP and XRPL

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